By Alexis Fragale, Consumer Insights
So what do we know about how Millennials spend? It’s different than the generations before them, they focus on experiences over materialism, and they’re leaning away from ‘badge’ or luxury brands. One area that clearly illustrates these differences is their relationship to food.
We know that for Millennials food is nearly as cool as alcohol, and this reflected in how they’re spending. In the next 12 months, Millennials estimate that they’ll spend 37% more on fresh fruits and veggies and 25% more on organic food, while spending 17% less on soda. But for them, it’s about experiencing the food themselves, as 42% of them believe that they’ll spend less on eating out at restaurants.
And brands are getting this right, playing to instant gratification and unique experiences, as seen in from Whole Food’s partnership with Instacart (delivering organic veggies quicker) to Reebok selling bacon (aimed at Crossfit athletes).