Are Millennials and Gen Z consumers important 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 this year and $3.38 trillion—more than that of the Baby Boomer generation—by 2018 they were on target and the undercurrents of change can be seen in ever retail food sector today.
The evolving consumers are bringing with them a new set of food preference; including likes and dislikes creating retail discontinuity. That discontinuity is driven by Generation Z, ages 0-23, and Millennials, ages 24-37, according to Foodservice Solutions® Grocerant Guru™.
Each of these groups has become accustom too fresh prepared Ready-2-Eat and Heat-N-Eat food options that can be personalized and customized. They will be key to driving sales of fresh prepared food sales across all food platforms an additional 8.5% over the next three years.
So the good news is we know what they like. They enjoy eating fresh fruit and fresh vegetables. More important they enjoy them all day, as a snack, or with a meal. They are ‘hand held’ and ‘better for you’ foods that provide the instant gratification Gen Z and Millennials are seeking. That’s a perfect driver for the future growth of the Quick Service restaurant sector.
While that does create short term disequilibrium in menu make-up, it creates an opportunity to reset the industry price value service equilibrium.
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 +Service + Social + Portability = Value.
Expanding day-parts with the halo of ‘better for you’ will drive the fast food restaurants to new levels. Adding the social messaging component increased the consumer relevance with both Gen Z and Millennials. Ready-2-Eat and Heat-N-Eat Mix and Match meal components that are ‘better for you’ specifically fresh fruit and vegetables will garner customers, top lines sales, and bottom line profits.
Visit: www.FoodserviceSolutions.us if you are interested in learning how Foodservice Solutions® 5P’s of Food Marketing can edify your retail food brand while creating a platform for consumer convenient meal participation, differentiation and individualization or you can learn more at Facebook.com/Steven Johnson, Linkedin.com/in/grocerant or twitter.com/grocerant
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