Millennials are changing the way the world does business. Numerous industries will no longer be the same since millennials began exercising their buying power. Not surprisingly, millennials have been blamed for a host of industry declines from home mortgages to breakfast cereals. The truth is that with millennials becoming the largest demographic since baby boomers, the former holds a lot of sway, allowing them to have a profound effect on industries once thought of as unchangeable. This is no less true for the food industry where millennials’ changing dining and shopping habits is transforming how people acquire and eat the foods they love. Here are 3 ways that millennials are changing the food industry.
Millennials have changed how they get their food – This demographic isn’t primarily interested in cooking their meals every day as were previous generations. Instead, many of them prefer the ease of eating out at restaurants. Having more disposable income due to the presence of more working people per household means that they are more willing to pay to have their meals cooked. However, when millennials do cook, they are more likely to patronize grocery delivery services or even meal delivery kits. All of this means that the food industry has to prepare itself for a disruption in the grocery store model as we know it. Stand alone grocery stores May no longer work as a business model and grocery stores must understand their new roles in this changing society.
Millennials care more about their health – This is not to say that other generations take their health for granted, but millennials are better able to access the wealth of health information that is available online. Of course, with knowledge comes power and having this knowledge at their fingertips allows millennials to make better decisions for themselves. It comes as no surprise then that self care is such a popular topic these days. Millennials visiting their health professionals more frequently is only part of; they are also particular about what they consume. Millennials tend to avoid foods high in sodium, sugar or fat. They are also more likely to attempt low carb or gluten free diets. The food industry has to respond by ensuring that more diverse options are available for consumers.
Millennials are conscientious consumers – Social media sites have made it easier for millennials to connect the dots between their purchasing habits and the people who produce those goods and services. They consider it their duty to consume only those goods that are ethically sourced or meats that are ethically raised. The aim of millennials is sustainable living and they are not shy about voicing these concerns or spending their money only where they see these ideals being met. This presents challenges for the food industry with regards to food sourcing and reducing waste, especially when it comes to packaging.
With each generation there are changes in people’s ideologies, purchasing and consumption. Millennials are no different in this regard. However, with their status as the largest generation coupled with the power of internet interconnectivity and copious amounts of information, millennials enjoy a larger say in the future of a number of industries