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Edmondson says that sales of products catering to the elderly suggest it was unaffected by the recession. In fact, the amount of 75 year-olds in the U.S. this year – 18.7 million – is nearly the same as 14 to 17 year-old age group.
Common misconceptions are that the elderly are frail and do not like to go out. Edmondson explains that this is untrue, in fact five out of six Americans aged 75 and older say they have no problems living independently. While they do suffer from ailments, they still go out, shop and dine like everyone else.
Another misconception is they lack a substantial income, but Edmondson explains that over the last decade their household income has increased 6% since 2000 and for those younger folks ranging from 65 to 74 years of age, its increased 12%. Although it’s clear the elderly spend much of their money on medical supplies, they also spend on reading material, housewares, beef, seafood, toys and hobbies. “If you look at per capita spending, the elderly are still above the national average for spending on lots of product categories,” says Edmondson.
The number of Americans that will be 75 years old will increase to 22 million by the next decade, but it does not end there. Projections show that in 20 years, there will be 33 million people in this age group and in less than a century from now, it will be close to 50 million.
The aging of America is not slowing down anytime soon. Edmondson believes that two things will benefit private label executives down the road: Baby boomers get what they want and more and more will be coping with old age. The profits to be made from this growing age group should not be ignored. This report can be accessed on PLMALive.com.
Currently, women make up just 14% of executive officer positions and only 16% of board seats in corporate America, but Goldschmidt reflects on past pioneers such as Julia Waldbaum, who helped turn her family’s small Brooklyn-based butter and egg store into a substantial supermarket chain in the New York area, and Jeannie Rabinovitz who laid the groundwork for the modern self-service supermarket that eventually became Stop & Shop. After she stepped down, it was her daughter, Carol Goldberg who led the way as president and chief operating officer.
Goldschmidt believes that the involvement of women in retailing and private label has continued with Mary Sammons, who served as the CEO of Rite-Aid from 2003 to 2010 and is now its board chairman. Goldschmidt points to Diane Dietz, who currently serves as Safeway’s Chief Marketing Officer and Executive Vice President, and Linda Severin who is the current Vice President of Corporate Brands at Kroger.
Moreover, Goldschmidt notes that 75% of women have identified themselves as their household’s primary shopper so that their influence can be seen at both the corporate and consumer end of the process.
“If we want to connect with shoppers in the stores and at the shelf, it’s time we start thinking of ways to open doors to women,” said Goldschmidt. This report can be accessed on PLMALive.com.
During the year-end panel discussion consisting of regular PLMA Live contributors, host Tim Simmons asked panelists to make industry predictions for the 2012 year. Several highlighted the increasing impact technology is having on consumers.
Dr. Kantha Shelke, PLMALive’s science and technology contributor, said the online technology has allowed consumers to have a retail shopping experience in the comfort of their homes. Shelke says that while consumers are still physically going out to purchase products, they are increasingly gathering product information via the internet.
Technology is not only affecting consumer behavior, but retailers are using it to implement new ideas. Michael Sansolo, former Editor-in-Chief of Progressive Grocer and regular PLMALive contributor, predicted that technology will allow retailers to further experiment with smaller store formats. Retailers can open smaller stores in highly populated urban areas as technology will allow more products to be available online and thus decreasing the amount that needs to be carried in store.
Another PLMALive panelist, Brad Edmondson, former Editor-in-Chief of American Demographics, predicted that technology will make home delivery a viable retail attribute in 2012 as it will allow consumers to purchase and receive groceries without leaving their home. Consumers will be able to cut travel costs and save precious hours they may need.
While technology is making an impact, the economy is still a factor in consumer behavior. Edmondson explained the two major reasons why spending will not reach its previous rates: the younger generation of Americans lost 20% of their purchasing power during the last two years, more than any other age group, and the Baby Boomer generation is focusing on saving money for retirement. This combination makes it tough to foresee if spending will reach pre-recession numbers in the near future.
This report can be accessed on www.plmalive.com. The website offers information and insight on store brands to both manufacturers and retailers.
NEW YORK - Nearly two dozen retail chains and wholesalers from across the country were selected as the winners of PLMA’s annual Salute to Excellence Awards. The year’s winning products were featured during PLMA’s 2011 Private Label Trade Show in Chicago with a special Salute to Excellence Awards showcase located within PLMA’s Idea Supermarket®, and are also viewable online at www.plmawinners.com
The awards program, which was first instituted by PLMA in 1986, gives recognition for new store brands products that exemplify the high quality, innovation and value to consumers that continue to drive private label sales and market shares to record highs.
More than 400 individual product nominations were submitted by supermarkets, drug chains, mass merchandisers and wholesalers from all regions of the country. Products were then subjected to evaluations and judging over a two-day period by eight jury panels consisting of industry professionals as well as consumers. The criteria for the judging included product concept; product taste, texture & smell (for food items); packaging & presentation; and value for money.
Awards were given in twenty-five Food & Drink categories, including appetizers, Asian foods, bakery & cookies, breakfast foods, children’s & baby foods, chocolates & candies, condiments & dressings, dairy products, desserts, entrees, ethnic foods, gourmet, ice cream & frozen desserts, lunch-time, Mexican/Latin American foods, non-alcoholic beverages, organic & natural foods, pasta & pasta sauces, pizza, sides dishes, snacks, soups, and vegetarian.
Also receiving awards were products in thirteen Home & Health categories: baby, bath & body, home office, housewares, kitchen & cooking, laundry & cleaning, natural beauty care, OTC & healthcare, personal care & toiletries, pet products, spa treatments, travel, and value-pack.
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