Food: here’s why ‘longevity’ isn’t just a trend (and a business) for older people
The focus on ageing well is a cross-generational issue that is changing the way we consume and produce: there is significant investment in products for both the retail sector and out-of-home consumption
Key points
Longevity: the hot topic of the moment isn’t just taking the pharmaceutical, wellness and cosmetics sectors by storm. It is now gaining ground (and prominence) in the food & beverage and hospitality sectors too, attracting competitors and investors (from the Accor Group to Renzo Rosso) and fuelling a market which is currently worth $45 billion but is set to exceed $87 billion within a decade, according to estimates by Market Research Future.
Behind this trend lies the growing proportion of older people in the most developed countries (expected to reach 24 per cent by 2100), a greater focus on wellbeing in everyday life choices – even amongst younger people – and a more pronounced concern for the future shared by people of all ages. But also the importance Italians attach to proper nutrition for living well and longer, surpassed only by physical activity and stress management, as revealed by a survey commissioned by Cerba HealthCare Italia.
What is interesting is that longevity is a cross-generational issue. Thirty per cent of Italians believe that to live longer in good health, it is necessary to invest in one’s longevity as early as one’s 30s and 40s, according to an analysis conducted by YouGov, and 51 per cent say they often or always consider long-term health when making everyday purchasing decisions. This attitude is more pronounced not only amongst the expected Baby Boomers (56 per cent) but also amongst Millennials (54 per cent).
The impact of generations on spending
Then there is the growing influence of the over-50s on consumer spending, which is redefining demand within the food sector as well. Whilst in 2020 they accounted for 73.1 per cent of spending on food and drink and 56.2 per cent of spending on hotels and restaurants, by 2050 these figures will rise to 81.6 per cent and 66.6 per cent respectively, according to estimates by Teha Group, which has established the Longevity + Community and aims to make it the leading platform in Italia for innovation and technology in this field.
“Longevity is becoming a new consumer paradigm, spanning generations, product categories and distribution channels, and shifting the focus of nutrition from occasional treatment to daily prevention,” says Marco Zanardi, president of Retail Institute Italy.
