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Empty NestersPublished by: Datamonitor Published: Apr. 23, 2004 - 69 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 EXECUTIVE SUMMARY 3 Hot topic 3 The future decoded 3 Action points 5 CHAPTER 2 THE FUTURE DECODED 12 Introduction 12 The development of the Empty Nester group 12 Empty Nesters are on the rise 12 Income varies considerably between age groups 14 The value of Empty Nesters’ spending is rising sharply 16 Spending on food is set to increase 17 Health concerns limit spending on alcohol 18 Looking and feeling good is important to Empty Nesters 20 Empty Nesters change their needs, attitudes and behaviors 21 Age affects how Empty Nester status alters people’s lives 21 Self-rewarding behavior creates an opportunity to add value 22 Increase in time leads to new habits and a need for convenience 22 More frequent socializing changes CPG spending habits 24 Early Empty Nesters wish to stay young and energetic 25 Increased disposable income leads to increased spending 26 Increased health awareness 30 Functional foods help Empty Nesters to meet key health concerns 31 Health concerns prompt more organic and fresh purchases 33 Other concerns limit self-rewarding 33 Late Empty Nesters have to plan for a financially sound future 34 The presence of boomerang babies restricts freedom and money 35 Moving home can create new CPG needs 37 Conclusions 38 CHAPTER 3 ACTION POINTS 40 Introduction 40 Make transition to Empty Nester status enjoyable 40 Educate consumers in new high-value consumption habits 40 Emphasize the fun aspects of the Empty Nester lifestyle 42 Simplify and refine offerings 43 Target Early Empty Nesters with high quality upgrades 44 Encourage daily trading up in general consumption 46 Target special occasions as an excuse to “splash out” 51 Show how your brand fits new lifestyle values 53 Offer quality by fulfilling high expectations 53 Do not sacrifice quality and health for convenience 54 Make meals exciting and novel 55 Present Empty Nesters with mature and sophisticated products 55 Demonstrate value for money to Late Empty Nesters 56 Offer less of the best 56 Deliver on all promises 57 Demonstrate the value of the product 57 Focus on wellness as an enabler 57 Identify key health needs 57 Introduce regimes to encourage regular healthy consumption 58 CHAPTER 4 APPENDIX 59 Supplementary data 59 Population 59 Disposable income 61 CPG spending 63 Definitions 67 Research methodology 67 References 67 Consumer sources 68 Industry sources 68 Government sources 69 New product research 69 How to contact experts in your industry 69 LIST OF TABLES Table 1: Empty Nesters in Europe and the US (m), 1998-2008 13 Table 2: Annual per capita disposable income of Empty Nesters (€ & US$), 2003-2008 15 Table 3: Empty Nesters’ overall spending on groceries, drinks at home and personal care (€bn & US$bn), 2003-2008 16 Table 4: Empty Nesters’ annual per head spending on groceries, drinks at home and personal care (€& US$), 2003-2008 17 Table 5: Empty Nesters’ annual per head spending on food (€ & US$) 2003-2008 18 Table 6: Empty Nesters’ annual per head spending on alcohol (€ & US$) 2003-2008 19 Table 7: Empty Nesters’ annual per head spending on personal care (€ & US$) 2003-2008 20 Table 8: Empty Nesters in Europe and the US (m), 1998-2008 59 Table 9: Empty Nesters as a percentage of all Seniors, 1998-2008 60 Table 10: Late Empty Nesters in Europe and the US (m), 1998-2008 60 Table 11: Annual per capita disposable income for Empty Nesters (€ and US$), 1998-2008 61 Table 12: Annual per capita disposable income for Early Empty Nesters (€ and US$), 1998-2008 61 Table 13: Early Empty Nesters’ disposable income as a percentage of the national average 62 Table 14: Annual per capita disposable income for Late Empty Nesters (€ and US$), 1998-2008 62 Table 15: Late Empty Nesters’ disposable income as a percentage of the national average 63 Table 16: Early Empty Nesters’ annual household spending on groceries (€ & US$), 1998-2008 63 Table 17: Late Empty Nesters’ annual household spending on groceries (€ & US$), 1998-2008 64 Table 18: Early Empty Nesters’ annual per capita spending on alcohol at home (€ & US$), 1998-2008 64 Table 19: Late Empty Nesters’ spending on alcohol at home (€ & US$), 1998-2008 65 Table 20: Early Empty Nesters’ spending on personal care (€ & US$), 1998-2008 65 Table 21: Late Empty Nesters’ spending on personal care (€ & US$), 1998-2008 66 Table 22: Definitions of terms used in the report 67 LIST OF FIGURES Figure 1: Empty Nesters’ annual disposable income as a percentage of national average, 2003-2008 15 Figure 2: Culinary Web sites help consumers improve their dining experiences 29 Figure 3: Progresso Soups’ marketing 43 Figure 4: Organic products targeted at Empty Nesters 47 Figure 5: The New Covent Garden Food Co.’s Fresh Sauce (UK) 54 Figure 6: Iglo Ready Meals (France) 54 Figure 7: EZ Marinade (US) 55 Figure 8: Drambuie whisky liqueur 56 AbstractIntroductionEmpty Nesters are more numerous, more wealthy and more inclined to spend their money on self-rewarding behavior than ever before. They develop new purchasing habits and new consumer packaged goods (CPG) needs as they adjust to their new freedom. These factors make Empty Nesters an important and valuable market worth US$645bn in 2003. Scope Complete breakdown of all Empty Nesters in Europe and the US by size, income, age and annual per capita CPG spending. In-depth insight into the drivers of Empty Nesters' high CPG spending and strategies for targeting this opportunity. Analysis of how age affects Empty Nesters' habits and how needs, motivations and attitudes change with time. Detailed examination of new products aimed at Empty Nesters, illustrating how to develop successful products for this market. Report Highlights Age defines Empty Nesters' spending patterns. Early Empty Nesters (aged between 50 and 64) have high disposable incomes and spend lavishly on rewarding themselves. Late Empty Nesters (aged 65 years and over) have more limited budgets, leading to a greater emphasis on value in their CPG purchases, with high spending reserved for special occasions. The rapid growth in Empty Nester spending comes as a result of increasing incomes coupled with people planning for a self-rewarding retirement. Empty Nesters spent US$462 billion on CPG products in Europe and US$200 billion in the US in 2003. Early Empty Nesters spend on average US$5,500 per person per year on added value CPG products. One of the major changes which occurs to most Empty Nesters is the increase in socializing. Empty Nesters engage in 51 million Entertaining At-home occasions per year in Europe and 26 million per year in the US. This high level of socializing leads to new CPG consumption habits and needs. Reasons to Purchase Learn the value of this numerous, wealthy and growing consumer group, and discover how to profit from Empty Nesters. Understand the transitions which Empty Nesters face and win customer loyalty by helping them to adjust to their new lifestyles. Increase sales by developing products, branding strategies and marketing messages which meet the specific needs and attitudes of Empty Nesters. Get Full Details About This Report >> |
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