Millennials at the Market
Millennials have overtaken Baby Boomers in terms of population numbers and hold an incredible $1.3 trillion-plus in annual spending power. Any grocer wanting to stay ahead of the curve has made substantial shifts in their promotions, product choices and more to fit the desires of the young cohort. But, what do they really care about? Most Millennials have reached adulthood and brought with them a sense of spontaneity and uniqueness to all things food.
So what does this mean for grocers? Cooking is not seen as a necessary evil or boring task by Millennials. The vast majority see it as an experience that is to be shared. Cash in on this love of experiences by hosting live events in your store – think cooking classes, cake-decorating tutorials, or wine tastings.
Be sure to have recipe cards or step-by-step printouts available as “takeaways” for attendees so they have another reason to come back to the store for ingredient purchases. Invite Millennial social influencers and they’ll create content about the event that lives on long after the tutorial or tasting is over.
Seventy percent of Millennials are more likely to buy items from companies that support their preferred causes, according to National Marketing Institute.
What does this mean for grocers? Simply put, Millennials care about charities and cause efforts more than ever and want that reflected in their purchases. If your store carries items from companies that are upfront about their sustainability and charity efforts, Millennials will be much more likely to spend their dollars there. In fact, 65 percent of Millennials recognize the Fair Trade Certified label, according to National Marketing Institute.
Don’t stop with the products your store carries; promoting the causes your store supports, whether within the local community or globally-known, will go a long way in resonating with today’s social-conscious Millennials.
Fifty-seven percent of Millennials have tried a recipe they saw posted on social media, according to Minio Studio.
What does this mean for grocers? Social media is by and large the main source of cooking inspiration for Millennials. Help them out! Social platforms create an awesome opportunity for brands to spark ideas and drive impulse purchases in-store. Providing recipes, how-to videos and tutorials across social media platforms takes the guesswork out of choosing what’s for dinner and makes the entire process of cooking that much more gratifying.
The best part is if they enjoy what they make, they’ll be more likely to come back to your sites for inspiration in the future. Want to make the recipes truly personal and enticing? Peer-to-peer sharing is huge with this segment. So partnering with Millennial social influencers to create creative recipes and videos for you will help you be relevant and capture your share of the Millennial wallet.
Sixty-one percent of Millennial women and 60 percent of Millennial men enjoy cooking, according to Forbes.
What does this mean for grocers? Catering to the preferences of both genders means more share of wallet for grocers. Also, because both truly enjoy cooking, they will likely be shopping for fresh, fresh, and more fresh items. Even when it comes to picking up frozen convenience meals, Millennials will add ingredients and seasonings to these dishes for an extra kick. Having meaningful pairings or demos nearby could be the ultimate purchase-driver.
Final note: Incorporating insights about this adventurous young segment’s love for social media and social good is key for deploying path-to-purchase strategies. Think about the experiences you’re bringing, the charities you’re supporting and the inspiration you’re providing. When you bring all these strategies together, how your store resonates with Millennials will be truly impactful.