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Senior Citizens Spend More
of Budget for Food to Eat at Home
Jan. 5, 2005
It is not surprising but now there is research showing the older we get
the more likely we are to eat at home, rather than in a restaurant.
Senior citizens in the 65- to 74-year-old age group allocate
8.9% of their total budget to food for home and those 75 years old and
over, 9.2%. This is significantly higher than the average of 7.6% for
all age groups.
The priority given to going out to eat is much
lower. While the average consumer unit spends 5.6% of its household
budget on food away from home, those in older age groups allocate 5% and
4.7% respectively to this expenditure category.
This may also
have something to say about the shrinking size of the budget for older
Americans and the ranking of food as a necessity above other things.
If we spend the same for food but our budget shrinks, it means a larger
percentage of this budget goes for food.
The U.S. Market for 55+ Consumers, is a new report by market research
publisher Packaged Facts.
The report all shows that overall spending by
consumers in the 55+ age group for food at home totals over $101 billion
annually. The food industry is just one of many that will reap the
benefits of an aging U.S. population that is 64 million strong and has
$2.4 trillion in buying power, the report states.
The report also found
that the work, rather than age, is a defining factor among the 55+
crowd. For example, attitudes and behavior of 60+ workers are closer to
people in their late 50s than retired people. Also, workers in their 60s
are more likely than retired people to have credit cards, new car loans,
home mortgages, and life insurance.
Fewer and fewer people
will retire the old-fashioned way, said Don Montuori, Acquisitions
Editor for Packaged Facts. More people will continue working past
traditional retirement age or go back and forth into the labor force.
And when they do retire, people are seeking new models for retirement
(for example, living among like-minded neighbors).
The
U.S. Market for 55+ Consumers presents in-depth analysis of this
segment of the population, complete with details of economic status and
family structure. Factors shaping the future of the market, such as
increased longevity and the changing role of work in later life, are
also provided. Consumer attitudes, behaviors of key segments, and media
usage are featured along with advertising and marketing trends.
Priced at $3500, this report can be
purchased directly from Packaged Facts by clicking
http://www.packagedfacts.com/pub/1006028.html
. It is also available through MarketResearch.com.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes research
reports on a wide range of consumer industries, including consumer goods
and retailing, foods and beverages, and demographics. For more
information visit http://www.packagedfacts.com/, or contact Matthew E.
Seward at 301-468-3650 x205, or mseward@marketresearch.com.
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