Generation P presents key opportunity for grocery retailers

Generation P is set to drive the international grocery sector up by an incremental $116 billion over the next couple of years, creating a $1,460 billion opportunity by 2022, according to IGD.

Perennial shoppers (50-64 year olds) are digitally savvy, experimental and willing to spend more for quality. And this group is set to grow in size and significance over the next two years, notably in the UK, Singapore and USA.

Simon Wainwright, Director of Global Insight at IGD, says: “Our research shows how significant Perennials are to global grocery. They are an engaged group of shoppers who are accessible when approached in the right way.”

“Competition is already fierce between retailers looking to find new ways to attract shoppers and Covid-19 has made it hard to chart the future. Having a clear focus on your shoppers and knowing how best to reach them will be crucial to success. That’s why the time is right to focus on this often overlooked group.”

Perennials, he adds, have embedded digital and online behaviours which they will carry forward and continue to develop into later life. However, this is a generation that doesn’t go digital purely for the sake of it.

“Adoption of new technologies for them is driven by their proven practical benefits, and these have to outweigh those of established interactions and processes, such as traditional ‘analogue’ store-based shopping,” Wainwright adds.