millennials and food - implications and opportunities
DESCRIPTION
This infographic is based on Innovaro’s Trends & Foresight research about Millennials food preferences with implications and opportunities for the next decade. In the US, there will be an estimated 64 million Millennials over age 25 by 2020 and they will have a supersize impact on the food landscape over the next decade. Many of the retailers, processors, and distributors are catering to the older Boomer population and ignoring Millennials. However, its important they understand the distinct preferences of Millennials and start thinking about the tremendous implications and business opportunities presented by this growing demographic. To download the full Millennials and Food report, click here: http://innovaro.com/millennials-and-food/ Excerpts from the Millennials and Food report: SUMMARY Driven by the unique experiences of their generation, Millennials’ food choices, shopping patterns, preparation of food at home, and selection of food away from home are all different from those of earlier generations. And in coming years, Millennials will have an oversized impact on the food behavior of Americans. According to a recent report from Jefferies Alix Partners, “the maturation of the Millennials and the aging of the baby boomers, in our opinion, appear poised to rapidly transform the food-at-home industry, long thought of as a bastion of stability.” The impact of Millennials on the food landscape will spread and persist over time. As the blog Millennial Marketing points out, “Food trends tend to trickle up the generational ladder.” At the same time, Beth Hoffman, writing about Millennials and food for Forbes, notes that Millennial food habits will have a very long range impact on the food system, because Millennials will teach their habits and preferences to their children. This brief reviews the driving forces shaping Millennials’ relationship to food and examines trends in food preferences, food shopping, food preparation, and food away from home in the Millennial cohort. The brief is based in part on an interview with Morley Winograd and Michael D. Hais, experts on the Millennial generation who graciously conducted an informal food-oriented focus group of Millennials in preparation for their interaction with Innovaro Global Lifestyles. KEY FINDINGS • Millennials will have substantial, growing influence over the food marketplace in the coming decade. • Diversity, self-awareness, living for today, acceptance of new gender roles, and pervasive use of information technology are all important driving forces of Millennials’ unique relationship to food. • Millennials are seeking food options that are fresh, natural and organic, affordable, convenient, authentic, and socially responsible—and that provide choice and variety. • Millennials are less committed to traditional grocery channels for acquiring food; more open to specialty, online, and bigbox channels; and less loyal to brands and retailersTRANSCRIPT
innovaro.com/millennials-and-food/