Saturday, January 22, 2022

Retirees and millennials avoid convenience store sector

Convenience stores are failing to attract members of the “life stage extremes” demographics.

Data from the 2015 Convenience Tracking Programme, published by HIM Research and Consulting, showed that customers over the age of 65 and millennials are marked under-spenders in convenience stores. Representing 20% and 15% of the shopping population, respectively, this leaves over a third of potential shoppers avoiding the sector.

“Millennials are a very different breed of consumer,” said HIM Commercial Director Katie Hemmings. “They only know the recession and austerity, have been brought up on Facebook and instant access to the internet, and get inspiration for their food shopping from bloggers via social media platforms such as Instagram.”

According to the figures, Millennials as a group buy less alcohol, but spend more on coffee, and are five times more likely than older groups to buy chilled soup. They were also heavy users of discount chains, and were found to spend more on food at weekends.

With older groups a split was evident based on affluence, with poorer customers caring more about value, and wealthier ones looking for healthy, high quality fresh food. Neither was found to frequent convenience stores, even for top up shopping.

“There is a really big opportunity in identifying these life stage extremes, and providing for their needs better,” Hemmings continued.


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