Last month saw the US launch of Perennial, a plant-based milk aimed at the over 50s. Founded by one of the co-founders of Beyond Meat, the milk is designed to contain the vitamins and nutrients to support older consumers’ brain health, bone strength and digestive function. Currently available online, a 12 pack retails for $34.99.
There’s so much we could say about this trend box-ticking product launch (Vegan! D2C! Holistic wellness!). But here are two massive takeaways that you need to consider today:
Follow the numbers. Targeting older consumers is perhaps the smartest, yet least adopted business strategy today. First, sheer numbers: in 2015, one in 12 people around the world were over 65, by 2050 it will be one in six. Second, spending power: in the US, boomers control 70% of disposable income. Third, future growth: between 2015 and 2030, over half of the total urban consumption growth in developed countries will be driven by those aged over 60. How many more signals do you need?
Follow the leader. Trends – and more importantly, the opportunities they create – always cross demographics. Our favorite emails are those from entrepreneurs telling us that their business was inspired by an example we’d featured. So if you’re looking for your next big idea, try this. Take an existing innovation (here’s a handy round-up of 101 of our best from last year). Spend 15 minutes jotting down all the other demographics it could appeal to, and the key elements you would change to make it relevant to that audience. Ta da! ;)