The price, value, service equilibrium is alive and well. Millennials in a constant quest for discovery apparently have found a comfort feeding zone. That zone is Quick Service Restaurants. Discovery is expensive and when it comes to food Millennials want consistency, time savings, and cash savings.
Restaurateurs have been doing all they can to win over the largest of the six generational groups for some time. Millennials currently 74 million strong continue to grow important and influential within the restaurant sector than any other age bracket over the next 10 years.
Bonnie Riggs, The NPD Group’s restaurant industry analyst said “What Millennials may lack in buying power they make up for in influence,” says. They have expectations when they dine out and are quick to spread the word when their expectations are or aren’t met.” Millennials are evolving with social media and are seemingly first to post photos of food and share experiences with multiple social media outlets.
According to Riggs and a new NPD report, “Millennials made more than 14 billion visits to food establishments, which roughly translates to $95 billion spent on meals and snacks. Traditional QSR establishments are the most popular among Millennials, which goes against the wide belief that fast-casual restaurants dominate the segment.”
The price, value, service, equilibrium includes discovery and non-traditional fresh food outlets including C-stores continue to attract Millennials according to Foodservice Solutions® Grocerant Guru™. In fact Lunch time is the number one day-part for Millennial visits to C-stores. Are you prepared to compete for Millennials? How can the 5 P’s of food marketing edify your brands positioning?