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The most comprehensive access to millions of survey and consumer reviews in a digital platform to show tech and durables leaders who buys and why. Because of this, there is little market research into their spending habits compared to those of Boomers and Millennials. One of the greatest obstacles in the marketing approach to Gen Xers is that they tend to shop more conservatively than other generations.
That being said, having any doubts about product performance will easily dissuade them from their buying journey. Gen X prefers honest explanations of product usage and trusts clienteling techniques that cater to their own habits. Digitally, email is one of best channels for reaching out to this generation. Gen Xers check emails on a regular basis and are more likely to respond well to personalized offers based on their previous purchases.
Like Baby Boomers, Xers also rely on quality customer service for brand loyalty as they see store associates as people who can relate to them on a consumer level and relay the best options for their purchases without an upsell. Whether for social media, research, or purchases, Millennials use web devices in nearly every aspect of their life, even while shopping in stores.
In fact , younger Millennials aged on the cusp of Gen Z are more likely to shop in a brick and mortar store when compared to older Millennials aged , who are the most likely within the group to buy via mobile. And overall, when Millennials shop for something both online and in a store, they are much more likely to make a purchase in a store than they are online.
But while the myriad of online stores and buying options today have offered Millennials the ability to be more selective with their purchases, the options can get overwhelming as Millennials actually tend to prefer browsing for products across brands rather than settling on an option and purchasing it.
Seeing shopping as a social event is another trait that strongly characterizes the Millennial market and sets it apart from older generations. In stark contrast to Baby Boomers, research shows that Millennials enjoy shopping and see it as fun and relaxing activity to be shared with friends and family. According to Gen Buy , the grand majority of Millennials report that they shop with other people at least half the time, and 60 percent consider advice from their friends when deciding what to buy.
Of course, the social consumer experience is not only limited to shopping mall excursions but social media as well: 68 percent of Millennials admit to being strongly influenced by social media posts while 84 percent say user-generated content has at least some influence on what they buy. Retailers should recognize that social media is extremely important to Millennials in their purchasing journey because even though they value the opinions of family and friends, they seek out the experiences of other consumers above all.
Like Gen X, Gen Y is also skeptical of overbearing marketing tactics. Travel to visit family has become significantly more important to many consumers, and more travelers are prioritizing safety than they were in the past. But while millennials are just as eager to see the world as older travelers, their tastes are markedly different, and traditional vacation packages are unlikely to meet their high expectations.
Many are turning their backs on traditional guided sightseeing tours and bus excursions in favor of more authentic travel experiences. Traditional attractions and old buildings and churches do not suffice anymore. Music festivals, cultural and culinary events, multi-day dance parties and artistic happenings all must be on the menu of destinations looking to attract more millennials. Traveling millennials want to find hidden gems and local favorites that capture the true essence of a destination.
Services like Airbnb and VRBO directly appeal to this, eschewing traditional hotels to allow tourists to live like locals. At the same time, millennials are also demanding when it comes to price. As fastidious planners and price-conscious consumers, Gen Y travelers are likely to prefer third-party platforms and marketplaces where they can more precisely customize their experience. Chain hotels looking to regain market share lost to emerging accommodation marketplaces will need to either embrace this millennial preference or find another way to attract millennials back to their businesses.
In , Marriott International opened a hotel designed specifically for young travelers in Tampa, while Hilton began building a new iteration of its millennial concept hotel, Tru, in Baltimore. At Hyatt Centric — a Hyatt concept designed for millennials — staffers are encouraged to share recommendations with guests, and guides to local breweries and restaurants are placed in rooms.
Meanwhile, Residence Inn Marriott locations host weekly mixers designed to give millennial travelers social get-togethers that bring them closer to the local flavor of their destination. For the old guard of the travel industry, attracting millennials by building out better technology, service, and affordability is an existential requirement.
But if you build a hotel for old people, young people never show up. The primary culprit, according to analysts, was millennials — a generation that allegedly no longer goes out to eat, preferring to cook or order takeout. The reality is that casual dining chain sales are down among all demographics, not just millennials.
Millennials are not avoiding restaurants — in fact, no generation has a higher percentage of frequent restaurant visits. In , millennials spent nearly half their monthly food budget on dining out or takeout, surpassed only by Gen Z. Millennials are price-sensitive and eager for healthy, fresh food options, and they crave choice in their restaurant experiences. Fast casual restaurants from Chipotle and Subway to Shake Shack and Five Guys are largely designed with these preferences in mind, with fast ordering and app-powered pickup and delivery as basic pillars of their model.
The fast casual industry has also seen a wide proliferation of varied cuisines and tastes. Traditional dining and fast food chains looking to update their offerings for Generation Y need to consider not just their prices and menus, but also how they can integrate with technology, the degree of personalization they offer in their meals, and their approach to health. Chipotle pioneered the trend toward the fully customized fast casual meal with its made-to-order burritos and bowls.
Chains like Blaze Pizza are following in its footsteps: at Blaze, customers can fully customize their pizza and have it cooked in front of them in just 3 minutes.
As consumer food preferences evolve, Fatburger experimented with offering a plant-based burger in and found millennial customers were willing to pay more for the higher-quality product. Other chains have also been quick to respond to heightened interest in plant-based meat alternatives. Burger King , Cheesecake Factory , Red Robin, and Qdoba are just some of the nationwide chains that have introduced plant-based meat products from Impossible Foods.
Technology also plays an important role in the fast casual industry. From Starbucks to Panera , chains are embracing mobile ordering and in-store pickup to attract a busier, millennial audience.
Meanwhile, Burger King and Chipotle have dedicated drive-thru lanes for online orders. Many restaurants are now offering menus via QR codes, in-app table service, and other technology-centric options for diners. However, more traditional casual dining may get a boost as more millennials have children. A challenge for the fast casual dining restaurants of tomorrow will be building establishments that can be equally family- and kid-friendly without sacrificing the key factors that make them appealing to millennials today.
Like Generation X and the baby boomers before them, millennials drink a lot of coffee. They also started drinking coffee much younger — on average, around 15 years old. After several years of declining sales among most age groups, millennial consumers are the vanguard of a resurgence in the coffee industry. Instead of store-bought and pre-packaged coffee, millennials are seeking out cold brew and other specially prepared beverages, as well as ethically sourced, sustainable, and gourmet products.
Millennials are also gravitating away from hot coffee toward canned cold brew and nitrogen-infused beverages. The can format is convenient for on-the-go consumers, while different flavors and styles offer a range of options for choosy customers. Many Gen Y consumers are at least somewhat knowledgeable about their coffee, favoring brands committed to fair trade and environmentally sustainable growing practices. Many Gen Y consumers are exploring alternatives to traditional dairy products in their coffee and flocking to retailers catering to this demand.
Oat milk, in particular, has seen strong growth among millennial consumers seeking alternatives to dairy milk. Demand for premium coffee is unlikely to diminish in the near future, creating favorable market conditions for incumbents and new entrants alike.
With the ever-increasing amount of choice in the coffee space, manufacturers need to look to differentiate their offerings if they want to attract millennial attention — and they have a wide range of strategies to do so, from adding additional caffeine to promoting ethical or sustainable sourcing to experimenting with new ingredients like protein powder, nootropics, and CBD.
Frozen foods might be convenient, but until recently, they were not typically associated with healthy eating or seen as a desirable alternative to freshly prepared meals. In , the total volume of frozen foods sold in the US increased for the first time in 5 years, driven largely by millennials and consumers with children.
In , with much of the world stuck at home because of the Covid pandemic, sales of frozen food soared. Baby boomers, women, and single individuals accounted for significant increases in frozen food sales, but older millennial consumers remain the largest consumer market for frozen foods.
Gen Y has a professed appreciation for convenience and eating on the go, and frozen foods can be a fast and affordable alternative to ordering delivery or going out to eat. Economic factors may also be contributing to this shift. For millennials burdened with stagnating wages and significant student loan debt, affordable frozen foods have become increasingly appealing.
Another factor at play is the surge in the availability of healthy frozen foods. Traditionally, frozen food options have not been highly diverse or healthy in their offerings. Frozen food manufacturers are racing to capitalize on the popularity of plant-based diets among millennials. While plant-based diets have gained in popularity among baby boomer and Gen X consumers, millennials have adopted new dietary habits much more readily. Source: Wikimedia Commons.
Millennial consumers also expect frozen foods to be higher-quality than they were in the past. For example, Conagra Brands , which owns the Banquet brand of frozen ready meals, doubled down on product quality following a management shake-up in to meet heightened consumer expectations.
Other brands have emerged to capitalize on the gourmet frozen food trend, including Frozen Foodies, which offers cryogenically frozen meals prepared by professional chefs using gourmet ingredients. Meanwhile, Buttermilk focuses solely on pre-made Indian meals that can be reheated in the microwave at home and served immediately. Daily Harvest offers a frozen smoothie and bowl subscription delivery service and advertises heavily to millennials on Instagram.
Wider selection, higher quality, and more competitive pricing are all likely to drive frozen food sales in the near future. Sales of sugary carbonated drinks have been on the decline for years, with many of the largest soda manufacturers going back to the drawing board as consumers turn toward healthier alternatives.
The beverage industry has been quick to respond to these trends. Sparkling waters, in particular, have proven remarkably popular with health-conscious consumers. Newer entrants such as bubly, a PepsiCo brand launched in , have quickly achieved similar sales totals as established legacy brands, suggesting there may yet be room for new sparkling water products to meet heightened consumer demand.
Like PepsiCo, several other major drink manufacturers have diversified their product offerings to include flavored seltzers, often adopting an acquisitive approach.
Coca-Cola also offers sparkling water beverages through its Dasani and Smartwater brands.
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