Millennials do Spend More on Food

IRI Consumer Connect™ survey findings released shows that Food inflation softened in Q1 2019 to 1.7% compared to 2.2% in 2018.

However, not everyone is freely opening their wallets, they say. Younger millennials (born 1990+) are outspending older generations in food dollars, while older cohorts are more likely to be using a number of money-saving tactics to keep food bills manageable.  

Younger millennial spending on food and beverages is clearly outpacing older baby boomers and retirees, who struggled in Q1. In fact, younger millennials’ edible dollar sales grew by 21.5% for March compared to a year ago. And edible dollars sales for retirees and senior is down by 3.8% for March compared to a year ago.

Older generations are feeling a bit pinched and are embracing a wide variety of money-saving tactics (younger millennials, older millennials, Gen X, younger boomers, older boomers, retirees and seniors):

• Buy private label: 
• Try new, lower-priced brands:  
• Visit multiple retailers:  
• Download coupons from retailer/manufacturer website:  

In addition, these older cohorts are more likely to buy food and beverage brands other than their preferred brand because they are on sale and buy brands because they have a coupon.  The senior discount maybe on the way back.