Millennial’s Power over the Food Industry
Who Are the Millennials?
Millennials were born between the years of 1981 and 2000. They also are known as Generation Y. Digital media such as Facebook, YouTube, Google and Wikipedia are everyday parts of Millennial’s lives. (Pew Research Center) Among the 1,933 Millennials surveyed for the report, 47 percent are full-time students, 9 percent are part-time students, and 44 percent are not a student. Forty-four percent are not employed, 30 percent work 35 or more hours a week, and 32 percent work less than 35 hours a week (NPD Group). Read “What are Millennials and How are they Beneficial for Business?” to learn more of the basics about Millennials and how the affect businesses as a whole.
What Factors do Millennials Influence for the Food Industry?
- There are currently 52 million Millennials ages 18 to 29 – will increase throughout the next 10 years, particularly driven by immigration.
- Millennials made approximately 13 billion of the 59 billion visits made to foodservice establishments in 2010 where they spent $73 billion dollars.
- Millennials spend more than half of their foodservice dollars on ordering food for takeout.
- Millennials spend higher percent of their total foodservice dollars than other generations on snacks, and have a higher order incidence of snack food items such as ice cream, nuggets and mini sandwiches.
What Trends are Millennials Influencing?
Millennials are influencing the new trend of healthy and hyper conscious eating. Many colleges are now surrounding by grocery stores such as Whole Foods, Trader Joes, and local to Austin establishment: Wheatsville. These grocery stores usually include healthy options such as, salad bars, hot meal options and sandwich stations for on the go Millennials. The grocery stores also usually offer local produce and meats to fulfill Millennials desire to be conscious of what they are eating.
A few other trends Millennials are influencing are; eating meatless or vegetarian options, participating in vegan or raw diets, consuming a lot of fruits and vegetables, eating asian cuisine and eating familiar comforts such as Italian and Mexican food (Pizza Market Place).
Business Benefit from Eating Habits
Because many Millennials are college aged, late night eating is a huge part of their lives. Research from food ordering service GrubHub shows that when it comes to daily order volume, nocturnal orders placed on college campuses outpace national averages by up to 70 percent (Pizza Market Place). Food Service businesses can benefit by taking advantage of these late night hours and extend their business hours to accomodate the Millennials.
To learn more about the Millennial student generation’s habits click here.