The middle-ageing of the Irish population will be the dominant factor in the food and many other markets over the coming decade, a national conference has been told today.
Gerard O'Neill, Chief Executive of Amárach Consulting, told the annual conference of the Agricultural Science Association in Carlow that the number of people aged over 50 in Ireland will increase from just under 1.1 million today to over 1.4 million in 2015. This will lead to a dramatic expansion in what he described as the 'wellness market'
The 'wellness market' currently accounts for spending of €1 billion a year, not just on healthy foods but also on other experiences which are good for the mind and spirit. By 2015, that market will reach €5 billion a year.
Mr O'Neill said that Irish consumers are moving from a mindset of preventing illness to one of promoting wellness. He projected a 13% cumulative growth in consumer spending on food between now and 2010.
In contrast, expenditure on holidays and leisure will increase by almost 80% and 60% respectively during the same period. Expenditure on housing will also continue to soar, with a projected cumulative growth of 50% by 2010. He forecast a 50% increase in tobacco expenditure.
However, alcohol expenditure will increase by less than 2%. Clothing and shoes are the only items where expenditure is projected to fall, with a drop of almost 13% between now and 2010.
