With 90 Million plus consumers between the age of 18 and 36 milling around outside U.S. restaurants it is by far and away the most sought after group of customers. These consumers are called Millennials and are in search of food discovery, value, and a social experience. They are resetting the price, value, service equilibrium for restaurant operators.
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.
percent ask friends before selecting a restaurant.
percent will splurge on a nice meal even when money is tight.
percent will order something different every time they visit a restaurant.
eat out the most frequently at lunch
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
prefer whole foods over processed food.
will spend more on ethically sourced meats and farm-to-table experiences.
- 80 percent want to know more about how
their food is grown.
companies among Millennials’ top 10 most-trusted brands: Whole Foods,
Trader Joe’s, Ben & Jerry’s, In-N-Out Burger.
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.
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.
just not about nutrition for Millennials. They view food as entertainment
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
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