Older consumers spend $101 billion on food eaten at home, earmarking more of their food budget for meals at home than the general population does.
Seniors 65-74 spend 8.9% of their income on food consumed at home, compared to an average 7.6% for the general population. Seniors over 75 budget 9.2% of their income for meals at home, according to research firm Packaged Facts, New York City.
Work status, not age, is the biggest factor in seniors’ spending: Consumers 60-plus who still work spend more on meals away from home—and are more likely than retired consumers to have credit cards, car loans and mortgages, per Packaged Facts’ The U.S. Market for 55+ Consumers.
The 55-plus crowd accounts for $2.4 trillion in annual spending.
“Fewer and fewer people will retire the old-fashioned way,” said Packaged Facts Acquisitions Editor Don Montuori in a statement. “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.”
The report analyzes marketing trends among consumers 55-plus as well as consumer attitudes, behaviors of key segments, and media use.
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