Markets racing to meet millennials' food habits

Markets racing to meet millennials food habits
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Highlights

This generation is amongst the largest living adult age group today and are economic leaders with the purchasing power over $1.4 trillion in 2020. They grew up in the era of convenience – self-driving cars, limitless entertainment, food at their doorstep in 30 minutes or less. So, it’s safe to state that this generation expects convenience at every stage of the buying process. Restaurants therefore should pay due focus to evolving with these current trends

Millennials are changing their eating habits, and the market is rapidly evolving to keep up with all 75 million of them. Whether it be what foods they prefer or how they shop, the marketplace is drastically changing to meet new demands.

In fact, 55 per cent of millennials say that convenience is one of the most important factors when deciding what foods to buy. To accommodate this demand, grocery delivery has been growing in popularity, which in turn reduces the amount of impulse buying that happens in stores.

Millennial's lean toward healthier food options that omit large amounts of fat, cholesterol, sugar, and carbs. Instead they target organic, fresh, and frozen foods found in the outer ring of the grocery store, which is bad news for an industry that is already plagued by low margins.

Rather than sitting down for lunch or dinner, Gen Z prefers to eat short meals or snacks during the day. Their focus is on healthy food with 54 per cent of them saying they prefer to eat healthy snacks. However, when asked to choose their favourite snacks, only 3 per cent of them mentioned fruits, vegetables or nuts.

Well-being in definition is far more comprehensive than health or wellness, as it considers a broader universe of personal factors and speaks to the goals of a well-rounded life.

Fueled by the informed ideology and mass influence of younger generations like Gen Z, who are hyper-aware of social and environmental issues, the expansive future of consumer health and wellness is proactive, highly personal, mindful, and motivated towards well-being.

Millennials tend to dine out and order food at the convenience of their homes more frequently than any other generation. It is said that 86 per cent of diners order delivery at least once a month and 87 per cent of Millennials are most satisfied with getting food delivered to their homes. Therefore, if you're looking to increase off-premise revenue – here's your ideal target market.

The millennial audience is three times the size of Generation X and surpasses the generation of Baby Boomers. A study states that the millennial generation has become the major focus for restaurants with 87 million people, aged between 18- 34, or those who are born between the early 80s and the year 2002.

This generation is amongst the largest living adult age group today and are economic leaders with the purchasing power over $1.4 trillion in 2020. They grew up in the era of convenience – self-driving cars, limitless entertainment, food at their doorstep in 30 minutes or less. So, it's safe to state that this generation expects convenience at every stage of the buying process. Restaurants therefore should give due focus towards evolving with these current trends in order to sustain themselves in the market and to stand out among their competitors.

Millennials are digital natives; Millennials and Gen Z have spent nearly their whole lives surrounded by the world of social media and digital devices. Their curiosity is immense and they are increasingly interested in trying out emerging trends. Over 53 per cent of millennials desire to seek out details and look for unusual things online rather than talk to store staff when they are about to make an order. Everyday there are millions of people constantly searching for food online and consuming knowledge on new trends. In fact, 86 per cent of millennials who come across food-related content online will visit that restaurant in the near future.

Millennial's values authenticity; so promote an up-to-date and honest digital menu online so customers can phone in their orders and leave you a glowing review at the end of a highly-convenient buying journey.

Creating a unique dining experience for consumers either on-premise or digitally from the time they start navigating through your menu to finishing their plates, will heighten positive emotions and build lasting relationships. Ultimately increasing restaurant sales and building the online reputation of your restaurant.

Today, people are more inclined to trying out food items that are enriched with a backstory they can resonate with. So considering adding intriguing menu descriptions, that highlights a nostalgic backstory of your restaurant, this is likely to help increase conversion rates by 55 per cent.

India is the world's fastest growing health foods market and forecasted to become a $30 billion sector by 2026, a new report by investment banking services firm Avendus Capital said.

The number of health-conscious consumers in India would increase from 108 million in calendar year 2020 to 176 million in 2026, the report noted, adding that as a percentage of total packaged foods and beverages stood at 11 per cent in India compared to 31 per cent in the US.

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