Millennials and Food…
I would imagine that most people in the food industry are aware of the fabulous event held at Olympia this week; Speciality & Fine Food Fair. I’ve been attending as an exhibitor for years, however this year saw me on the other side of the show in the Small Business Forum and Business Mentoring Centre.
It was for this event I was invited to deliver a presentation. The subject I chose and throughout my research became very passionate about was Millennials.
- Who are Millennials.
- How do they differ from other generations?
- What are they looking for in food products?
- Which channels do they fit.
- How do we communicate to them?
- What next for the Millennial food generation.
- What opportunities are there in the Speciality & Fine Food Sector.
These are all the points/questions I researched and covered so we can better understand them so ultimately food brands and businesses benefit and grow.
I carried out a lot of research, and it’s clear the opportunities Millennials bring given they make up a quarter of the UK population need to be embraced by food brands and businesses.
During my research I came across a very interesting product called VYPR. The team there helped me carry out some research. I wanted to gain a better understanding in to what made Millennials loyal to certain brands, and what aspects of the brand made them loyal. I think this gives us interesting and valuable insights when launching a food brand, and equally to established brands to keep them on track. Here are the key aspects;
- Ethical Values
- High Quality
I wanted to dig deeper into the Millennials perception and understanding of their definition of the key aspects though, and it was through using the insights from VYPR I was able to ascertain the following;
- Ingredients – key point ‘no additives’
- Ethical Values – key point ‘worker’s conditions’
- Price – key point ‘offers and promotions’
- Authentic – key point ‘high quality ingredients’
- High Quality – key point ‘taste’
In summary, the Millennial generation is one which I feel food brands and businesses should embrace, and target. They are coming into their prime spending years and predicted to reach 17 million by 2019, and by 2020 will make up 75% of the workforce, so understanding their eating trends is essential to tap into this growing market more effectively.
I enjoyed working with the team at VYPR so much that I am now doing some work with them, please do get in touch if you are a food brand/business who would like to know more about how this technology could help you.