Millennials are spending $96 billion a year on food, and changing the food industry on every level. In the last five years, the top 25 food and beverage companies have lost $18 billion in market share and experts say Millennials are to blame. Lifeway Foods’ CEO explains, “Millennials are driving a disruption in the food industry…I think we’ll see the food industry turned on its head.”
1. Ad-Blocker!
Traditional forms of advertising like TV, print and radio aren’t as effective as Digital Sharing and Social Media. I mean what is a commercial break? The Millennial demographic dominates Social Media usage and makes up a large share of the #Foodie influencers. These influencers have grown into community leaders who introduce their followers to new products, ideas and brands. Influencer Marketing is trending towards Millennial trends. But these youngins’ aren’t finding ‘conventional’ trendy and thus the food industry is changing forever.
2. The revolution will not be televised! It will be uploaded.
Millennials are driving an $18 billion food revolution. The perfect bag of chips comes with a story you can tell, and cool packaging that makes you want to share. This generation gets to know the brand. They can communicate with them on social media. It’s like the handcrafted ice creamery is their friend who always has something new for them to try and share with friends. I mean, would you want to hang out with Kellogg’s….have more frosted flakes? Hard Pass!
3. Thrill Seeking Foodies
Whether it’s choosing a car, or deciding what to wear, millennials display a “pronounced proclivity for bold and confident individualism,” according to Packaged Facts. They go ga-ga over unusual food forms and flavor profiles that create a unique taste experience. Their penchant for customization has led to a rise in DIY, mix n match eateries.
4. Snack Attack
Millennials love the perfect snack for each snackportunity! Like when you’re in the Thanksgiving dinner mood but are also at work…and it’s June. You can reach for Wilde’s Turkey Cranberrry Meat Snack that is made with free range turkey tenderloins, cranberries, chia & flax Seeds, butternut squash, apples, and sage. If that doesn’t say snackportunity mashup then I don’t know what does! Because nothing else does.
5. It’s Happy Hour Somewhere…..Right?
Millennials love a good craft cocktail and are drinking more frequently with more beverages in one sitting. They aren’t turning up every night or anything like that….we hope. They just enjoy a nice drink to pair with their chinese take-out. New drinks with clever flavors and less alcohol content are more popular now than ever before.
6. Aye Food Industry, What’s Good?
No matter how well the latest lip shade highlights their cheek bones while minimizing their “I spent my rent money on shoes” stress lines, they won’t get over seeing that puppy’s face inhumanely used to test the product. It’s not just about a product’s look, utility and flavor, but also about the company itself and those behind the product.
7. One…Hundred of a kind
The millennial loves the idea that something was made just for them. From craft beer, handmade jam, artisanal cheese, to a locally sourced cheeseburger and curated dessert tray, it’s about the custom experience. The food industry has developed new flavors, mix-ins, designs, and collections in order to supply the demand.
Big News for Smaller Brands
While millennials have caused big brand food companies to lose money and restructure, smaller brands have directly benefited. Through partnerships with millennial influencers on social media these companies have gained exposure, customers and even celebrity endorsements. In the last month alone LMS Client’s BarkThins and WTRMLN WTR have had big wins with the strategy. BarkThins was acquired by Hershey and Beyonce announced she had invested in WTRMLN WTR.
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