Wednesday, June 23, 2010

Some Like It Hot: Especially Boomers.

Back in the early 70’s, I once ordered a shrimp curry dish at a local Burmese restaurant. “Mild, medium, or spicy?” the waiter asked. “Spicy,” I replied. The second I tasted the first forkful, it was like being hit with pepper spray. My eyes teared up, my tongue and throat burned, and no amount of water, milk, or bread could cool things down. That memory came back to me the other day as I tucked into an order of beef with long-horn peppers at my favorite Boston Chinatown dive, the Gourmet Dumpling House. “I’ve come a long way,” I thought.

Then again, maybe not. According to the National Institute of Health, we start out life with approximately 9,000 taste buds. These start to decrease beginning at about age 40 to 50 in women and at 50 to 60 in men.  Phil Lempert, the food market analyst who tracks consumer trends in supermarkets and restaurants and runs SupermarketGuru.com, confirms: "There's no question that as the baby boomers are aging, they're losing their taste buds, and as a result, they're drawn not only to more spicy foods, but to more flavorful foods of all kinds." Does that mean my love affair with chili peppers is due solely to diminished taste buds?

A look at the taste combinations showcased on this year’s Top 10 Flavor Pairings in the annual McCormick® Flavor Forecast™ offered another perspective.
1. Roasted ginger & rhubarb
2. Thai basil & watermelon
3. Caraway & bitter greens
4. Bay leaves & preserved lemon
5. Almond & ale
6. Turmeric & vine-ripened tomatoes
7. Pumpkin pie spice & coconut milk
8. Roasted cumin & chickpeas
9. Creole mustard & shellfish
10. Chives & fish sauce

Odd as some of those combinations may seem at first, I think the people at McCormick are on to something. I see these flavor pairings as replicating the tastes of some of my favorite ethnic foods – the cumin and chickpeas of North African tagines, Southeast Asian turmeric and vine-ripened tomato curries, Cajun-inspired Creole mustard and shellfish.

We Boomers were the first generation to have the opportunity to roam the globe, either in reality or through the pages of glossy food and travel magazines. In the process, a cohort raised on Wonder bread became enamored with pitas, tortillas, and naan – not to mention salsas and sauces loaded with flavor, intensity, and heat. And while I remember my parents and grandparents preferring blander foods as they aged, I don’t see Boomers going back. In fact, as Boomers continue to travel and indulge their sense of adventure by exploring new cuisines, we at Gen-Sights predict that their interest in bold, exotic flavors will only increase, no matter what happens to their taste buds. And because Boomers have big spending power, that means new opportunities for those in the food and restaurant industries. For instance, adding spices and other flavorings could be a way of reducing salt or sugar in packaged foods. Supermarkets could boost sales of prepared foods by serving up bolder flavors. Assisted living centers and nursing homes can differentiate themselves by appealing to Boomer palates accustomed to the bigger tastes of ethnic food—or at the very least, making sure there’s a big bottle of hot, hot, hot sauce on every table.


Posted by Lynn Schweikart

Monday, June 14, 2010

I’m not buying it, period!

This is a line I’ve used time and time again with my two teenagers but this time it’s not my kids I’m speaking about, it’s the latest research from PricewaterhouseCoopers, Retail & Consumer Insights, This piece of research first came to my attention via a tweet I received from Brent Green, “Another example of flawed research, proclaiming the demise of Boomer spending. Research based on self-report, biased.”  Like Brent, I’m not buying it, period!

Boomer spending may not be leading the way out of the current recession, but I certainly wouldn’t advise my clients or anyone else to count this generation out. At 77 million strong, they will be entering their mature years as a different type of consumer than their “silent generation” parents. Boomers, always known for coloring outside of the lines, will apply this same approach to selecting products and services as they move beyond the standard retirement age of 65.

The spending power of Generations “X” and “Y” may be bigger, but Boomers are still an enormous market segment that shouldn’t be ignored. All indications are that marketers are beginning to realize that, and are starting to chase those dollars. Yes, it’s true; Boomers will be a bit more judicious when making purchases when retired but that doesn’t mean they won’t be buying. In fact, not only will Boomers be buying, they’ll be demanding the marketplace offer products and services to suit their needs and those needs will be many. 

In my opinion, there’s one company out there that has been consistently innovating useful products for all market segments and that’s OXO. Their mission statement says it all: “OXO is dedicated to providing innovative consumer products that make everyday living easier.”* This is a brand that I’ve embraced not only for my 82-year-old arthritic mother (I most recently purchased an OXO Good Grips® watering can for her) but also for myself. Their products are cool and trendy and don’t scream “I’m challenged”; they simply say “I’m easy to use”.  I see this being the kind of company that will capture even more of the Boomers’ dollars as they move into their mature years. After all Boomers don’t want to admit to their physical limitations and nor will OXO with their products.

So yes, I will be buying as I move to the next stage of life; I just won’t be buying the research that implies Boomers spending power isn’t worth chasing.  I’m glad to say I’m not alone with these sentiments, just today I read a commentary from Mark Bradbury supporting my opinion. My belief is that Boomers will forge ahead with new demands in all product and service categories and this can only mean new opportunities for marketers.

– Posted by Tom Gorski

* OXO refers to OXO International Ltd. Good Grips is a registered trademark of OXO International Ltd. Watering can image and mission statement from www.oxo.com