A new report from Acosta examines some millennial shopping trends through the lens of industry research by others.
Is the way to winning over the high-spending younger crowd we know as Millennials, as simple as offering healthy, fresh, ethnic meals and a powerful digital strategy?
A new report from Acosta seems to answer this with a yes! The report examines some millennial shopping trends through the lens of industry research by others, as well as its own consumer study (2,025 respondents) - to help explain underlying drivers and to estimate the extent of potential change in the near future. Some interesting points from the study are:
•By 2020, Millennials will outspend Boomers, and more than $65 billion in yearly grocery spend will move from Boomers to Millennials. And to quote the study, for Millennials, “…technology is innate, brand loyalty is elusive, and personal choice is a mantra”.
•Millennials already buy prepared foods and meals at the supermarket – but crave a more enticing, upbeat, healthier, fresher, engaging experience in-store with digital seamlessly integrated,” because they take the time to understand benefit claims and reward design. Supermarkets should satisfy the way they eat at home - busier lifestyles (less time to fuss), a broader ethnic palate, and instant gratification.
27% of shoppers go to the supermarket with the sole intent to pick up a prepared meal – and this trend is growing, says AlixPartners. Households averaged 3.9 ‘away from home’ meals per month at the end of 2013 vs. 5.8 at the start of 2013.
Millenials tend to be driven by convenience when it comes to what they eat, how they eat and they use the convenience of the digital world to help them make decisions. What supermarkets can take from this research is that by focusing on a powerful digital strategy as well as appealing, fresh and healthy prepared foods, it will create the level of convenience that keeps them loyal.