The National Restaurant Associations Chief Researcher Hudson Reihle Says 75% of Restaurant Industry Traffic is Off Premise.
How important are Millennials to your restaurant? In” A 2010 report from Oracle, that focused on the banking sector, estimated that Millennials’ purchasing power will reach $2.45 trillion next year and $3.38 trillion—more than that of the Baby Boomer generation—by 2018. Longer-term, Millennials seem like too big a demographic for restaurants to ignore.” The answer is very important. Now back to the formula.
The old formula was: Price + Quality + Service + Portability = Value . That formula has evolved with Millennials today Foodservice Solutions® Grocerant Guru has reevaluated, calculated and evolved the formula with Millennials and here is the new formula: Price + Quality + Social + Portability = Value.
Retailers seeking additional incremental value from Millennials must be Constantly Changing Menu items enabling Millennials to Discover Seasonal Relevance, Authentic Sustainability with Creditability.
In a recent study of 2,000 Millennial-aged U.S. consumers titled “Understanding Millennials” conducted by the Hartman Group found:
- 55 percent prefer communal tables at restaurants.
- 68 percent ask friends before selecting a restaurant.
- 87 percent will splurge on a nice meal even when money is tight.
- 40 percent will order something different every time they visit a restaurant.
- Millennials eat out the most frequently at lunch
- They tend to eat four smaller meals a day at non-traditional times.
- 30 percent eat foods that are certified organic (as compared to 21 percent of Gen X-ers and 15 percent of Boomers).
- They prefer whole foods over processed food.
- They will spend more on ethically sourced meats and farm-to-table experiences.
- 80 percent want to know more about how their food is grown.
- Food companies among Millennials’ top 10 most-trusted brands: Whole Foods, Trader Joe’s, Ben & Jerry’s, In-N-Out Burger.
- When shopping in grocery stores, Millennial foodies spend more on premium ingredients and are more likely to opt for small-batch handcrafted beers and artisanal cheeses than the big brand names.
- Custom food options, such as the 87,000 possible drink combinations that can be had at a single Starbucks unit, are seen as a need, not a luxury.
- It’s just not about nutrition for Millennials. They view food as entertainment and self-expression.
- Most important when choosing food in general, the top-scoring attribute was “A good value for the money,” at 36 percent. Good value was also the top-scored when respondent were asked what is more important when choosing food from a restaurant. Thirty-nine percent said value mattered most.
www.FoodserviceSolutions.us specializes in outsourced business development. We can help you identify, quantify and qualify additional food retail segment opportunities or a brand leveraging integration strategy. Foodservice Solutions of Tacoma WA is the global leader in the Grocerant niche since 1991