Annual CPG Spending Among Boomers & Silent Generation, 2014-2020 [CHART]
CPG spending by Boomers (born 1946 to 1964) and Seniors (born 1925-1945) grew at a faster rate than the total market last year and will again this year, details IRI in a new report. The study finds that these Americans will account for 52% of total CPG spending this year, or roughly $207 billion of the $398 billion in total market spending. By 2020, annual CPG spending is expected to exceed $230 billion for these consumers, whose brand decision influencers differ from the rest of the population.
According to Q1 2014 survey data contained in the report, the 55+ population is far less likely than the average adult to have its brand decisions influenced by a variety of online touch points. For example, they’re more than 50% less likely to count smartphone apps and mobile advertising as an influencer of their brand decisions, and 44% less likely to see online ads as an influencer. Read the rest at MarketingCharts.