Aging shoppers: A growing market
In Europe, FMCG growth is very much driven by older shoppers. In Belgium, for example, the FMCG value share of people aged 65 years and older grew from 21% to 30% over the course of 20 years. In the Netherlands, it increased from 19% in 2008 to 32% in 2024, and is estimated to reach 36% over the next decade.
Source: (YouGov shopper panel | August 2024)
of all trips by Boomers
billion shopping trips across 15 markets
Currently, Boomers are already worth 40% or more of total FMCG value in five out of the 15 European markets in scope: Denmark, Belgium, Netherlands, Austria, and Sweden.
Across Europe, 35% of all grocery trips are done by Boomers – summing up to more than 10 billion trips. And while they have a lower spend per trip, buying fewer items, their frequency is higher – 277 trips per year compared to an average of 243. In addition, Boomers spend more per item. In other words: even though their basket size shrinks, their spend is still pretty sizeable as they shop more often and have higher spending habits – plenty of opportunities to get “face time” with them.
If the current size is not convincing enough, population projections certainly should be: The total population of the EU-27 is projected to increase marginally from 446.8 million at the beginning of 2019, to peak at 449.3 million during the period 2026 to 2029, before falling slowly back to 441.9 million by 2050. The population of older people – aged 65 years or more – in the EU-27 will increase significantly, rising from 90.5 million at the start of 2019 to reach 129.8 million by 2050. During this period, the number of people in the EU-27 aged 75 to 84 years is projected to expand by 56.1%, while those aged 65 to 74 years are projected to increase by 16.6%. By contrast, the latest projections suggest that there will be 13.5% fewer people aged less than 55 years living in the EU-27 by 2050.