Understanding the millennial mindset
While millennial consumers are looking for fresher and healthier foods, these shoppers aren't all the same.
by Charlotte Atchley, Nico Roesler and Anna Wiber, Food Business News
Feb. 12, 2018
KANSAS CITY — Millennials as a generation are a force to be reckoned with. With 83.1 million people in the United States classified as millennials by the U.S. Census Bureau, this generation makes up a fourth of the country’s population. By 2018, the projected income of millennials will be about $3.39 trillion annually, blowing past baby boomers.
“They’re not all broke, unemployed and living in their parent’s basement collecting participation trophies,” said Jeff Fromm, co-author of Marketing to Millennials and partner at Kansas City, Mo.-based advertising agency Barkley. “They’re starting families. Many of the trends we see start from more affluent millennials.”
Despite this power, millennials can be picky about how they spend their money. Saddled with student debt and coming of age during a recession, millennials want their purchases to reflect their values. They have equated dollars with democracy … and vote with the almighty dollar.
Millennials want something for their money — not just calories to fill bellies. Cost and ingredients are the top factors cited for purchasing bakery products, according to Innova Market Research’s survey of younger millennial (18 to 25) buying habits.
“We know millennials are looking for a healthier brand, but we also know from our research that they tend to be the most price-conscious consumers out there, so the key to the millennial shopping behavior is value,” said Jacque Taylor, director of marketing for Lehi Valley Trading Co., at NACS Show 2017...