Technomic, a food industry research group, is happily highlighting the fact Millennials expect to have more money next year – because they’re the age group most likely to spend extra cash on stuffing their faces.
The group’s newly released Generational Consumer Trend Report leads with the finding that, “Half of Millennials (50 percent) expect their personal financial situation to improve in the coming year,” and continues with insights on how to cater to the younger, cheaper, busier, more health-conscious generation…
Although Millennials earn a lower income than older consumers, a greater percentage of Millennials (42 percent) than Gen Xers (33 percent) and Boomers (24 percent) report visiting upscale casual-dining restaurants at least once a month.
Of all generations, Millennials are most influenced by coupons and discounts when choosing a restaurant. 43 percent agree that coupons and discounts influence where they purchase food.
A substantial percentage of Millennials (32 percent) and Gen Xers (26 percent) say they are overwhelmed by their daily responsibilities and indicate that they do not have time to cook at home as often as they would like. However, just 13 percent of Boomers are in agreement.
31 percent of Millennials chose either “often” or “very often” when asked, “How often do you choose restaurants based on the healthfulness of their menu?” Only 21 percent of Gen Xers and 18 percent of Boomers made that choice, aligning with data showing that more Millennials say it is important to eat healthy.
They’re picky eaters, too. “Millennials are a critical consumer group to the foodservice industry and finding ways to market to them can be difficult because they have high and varied expectations,” says Technomic research director Sara Monnette. “Earning their dollars goes deeper than the quality of food.”
The study’s based on 1,500 respondents, more than a third of whom were Millennials. The full report isn’t free, but the site doesn’t list the price, either.