General Mills [fortune-stock symbol=”GIS”] has found a new pocket of the nostalgia market: cereal.
The company told investors on Tuesday that sales of its Lucky Charms cereal are booming now that it is advertising more heavily to adults who grew up ingesting the leprechaun-hocked breakfast good. An ad campaign in January urged consumers to celebrate the brand’s 50th anniversary, using its famous tagline “they’re magically delicious.” (See below.)
“These consumers grew up with our brands, and they love them,” General Mills CEO Ken Powell told analysts at the company’s analyst day on Tuesday, noting that Americans 55 and older currently make up 25% of the population. That proportion will hit 30% by 2020.
The ad campaign led to a 3% jump in sales last year, making it “one of our fastest growing cereals,” Powell said. That’s good because cereal is General Mills’ biggest category, generating $4 billion in sales last year, compared to…
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