What do Millennials Want?
Behind mobile payments and apps, understanding the Millennials is another pressing issue for restaurant marketers. For those oblivious to the term, they are the demographic of young adults currently between the ages of 18 and 35. And according to the Restaurant Hospitality article, they make up 90 million people and will have an estimated $2.45 trillion purchasing power by next year. With buying power of that magnitude, many restaurant marketers are spending big bucks to understand what Millennials want to eat. And though research has many ways to go, here’s what we know so far.
“A Good Value for the Money”
According to the article posted on Fast Casual, “they are not willing to pay more for a national brand because it’s familiar; they want to buy products that are fairly priced.” However, that shouldn’t suggest they want a cheap meal. In fact, multiple studies have proven that Millennials would actually spend more on quality meals if there is perceived value.
Look at these surprising statistics from Understand Millennials:
- 87 % will splurge on a nice meal even when money is tight.
- Millennial foodies spend more on premium ingredients and are more likely to opt for a small batch hand crafted beers and artisan cheeses than the big brand names.
- 30% eat foods that are organic
- They prefer whole foods over processed foods
- 80% want to know how their food is grown
- Food companies among millenials top most trusted brands: Whole Foods, Trader Joe’s, Ben & Jerry’s, In-N-Out Burger
Experts attribute Millennials’ desire for economical yet quality food to the boom in the fast casual industry. “Add it all up and it’s easy to see why fast casual is the lone restaurant industry category showing significant growth. Whether by luck or by design, the fast casual approach delivers many of the key factors Millennials say they want.”
If targeting the Millennials is your next priority, get out there in the field and start asking Millennials what they want. Once you’ve gathered your information our next blog post will provide tips on marketing strategies and developing loyalty with your Millennial customers.