Menus today, even at your local pub, feature cuisine that just a few years ago might be considered palatable for only the most adventurous diners.
The increase in selection is due to an increase in interest in fresh, farm-to-table food.
With roughly 80 million Millennials in the U.S., half of them identify as “foodies,” according to research by BBDO.
Writer Eve Turow, 28, chronicles the phenomenon brilliantly in her new book, “A Taste of Generation Yum: How the Millennial Generation’s Love for Organic Fare, Celebrity Chefs and Microbrews Will Make or Break the Future of Food:”
“We’re spending on new things,” Turow writes. “We seem to value experiences more than commodities, making marketers scramble as they reevaluate how to woo this ‘do’ versus ‘have’ generation.”
And they’ve got—or will get—the money to spend.
By 2030, Millennials will likely outnumber Baby Boomers 78 million to 56 million. Baby Boomers will leave $30 trillion to their children over the next 30 to 40 years, on top of the nearly $12 trillion that Boomers will receive from their parents. This generation will be (and largely already is) running the American and world economies, with $200 billion in buying power. In fact, by 2017, Millennials are projected to have more spending power than any other generation. U.S. Millennials already account for an estimated $1.3 trillion in direct annual spending.
Couple food obsession with spending power—and add in the fact that 85 percent of Millennials own smartphones and touch them 45 times per day, according to Nielsen—and you have a recipe for one interesting target market.
This generation’s devotion to well-made meals—even when living on recession-dented incomes—is an indicator of how brands should approach and communicate with these organic-minded, fair-trade-conscious 18- to 32-year-olds.