Last week, we wrote about the growing importance of the Hispanic market for grocers, but let's not forget that Millennials are still the largest growing cohort in the U.S. Retailers need to continue to evolve to meet the demands of this group, especially when it concerns technology. According to Daymon Worldwide Vice President Vasco Brinca:
“By the year 2030, there will be more Millennials than any other generation, including Baby Boomers, in the United States ... We have never experienced a generation like this, in large part because they have grown up with economic uncertainty, high unemployment, and are always-on digitally. It is critically important to study this generation and their culture today to discover the impact they’ll have on the world’s future.”
Daymon Worldwide found that Millennials are unstructured shoppers, especially compared to Gen X. Millennial shopping trips are typically for immediate needs, while Gen X shoppers tend to stock up on products for a few days. This seems to make sense, considering Millennials live in a world were they are constantly exposed to new recipes and products via social media. Every day is an opportunity to reach them again, but don't expect to make too lasting an impression.
In addition, Millennials are less loyal to brands than Gen X, and are disaffected by them more than Gen X, as well. About 29% of Millennials "usually buy the same brand" and 26% say are likely to “buy whatever brand they feel like at the time.” Perhaps this is another element of the group's penchant for trying new products, finding "authentic" brands and generally entertaining the idea of new products.
Just don't forget: All Millennials Hate Being Grouped as Millennials.
Several food companies reported earnings over the last week. While manufacturing and retail are thriving with increased sales during the pandemic, portions of the foodservice segment continues to struggle.read more
Chris is a business writer and market analyst that focuses on the Markets, Legal and Washington sections of the Food Institute Report. In addition, he assists in compiling data for various Food Institute publications throughout the year. He invites you to contact him via email at firstname.lastname@example.org to talk about anything food-related.
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