A recent Kantar report shows some interesting trends, in particular the accelerating growth in the importance of the over 55 age group in the UK- they will reach 30% of population by 2030, up from 26% in 2015. With this comes a change in eating occasions as older consumers become more and more ‘anti social’.
The number of people eating along has risen from 33% in 1980 to 44% today, and this trend is only going to continue. This has an implication for grocery spend – £1.17 is spent on average for a meal when one person eats, but £1.31 per person when a couple and two children eat.
The reason for this solitary dining trend and isolation from others when eating is due to busy lives and hectic work schedules. 21 per cent of consumers have said that their routine means that they end up eating their evening meal at different times to others in the house.
However, the prevalence of people eating alone also offers an opportunity. People are looking for quick solutions when they are only cooking for themselves, and are prepared to pay extra to save themselves time. In 16 of the last 20 years consumers have entered a store with (relatively) more money, but in 19 of the last 20 years, consumers have entered a store with less time.
One of the solutions to simple quick meals is the addition of sauces to proteins. Value added products are growing faster than regular offerings – for instance, salmon fillets with a sauce retail at a 23% premium over plain fillets , but are growing at a rate of 15% per annum, versus a decline of 3% for plain.
As well as adding value added products, retailers have also responded to time poor money available consumers by provided meal deals. Consumers feel it’s worth spending up to 165% more than normal for the time saved in a meal deal.
For more information please contact Michal.Slawski@Bordbia.ie
Source: Bord Bia – Opportunities with Older Time Poor Money Rich Consumers
