Millennials are having a significant impact on the CPG food category and it’s thanks to their love of snacking. According to Mintel, millennials are more likely than any other generation to snack four times a day. This presents a major opportunity for packaged food retailers.Source: www.forbes.com
Like with every other industry across business verticals, millennials are having a significant impact on the CPG food category and it’s thanks to their prolific love of snacking.
According to Mintel, millennials are more likely than any other generation to snack four times a day or, in many cases, more than that. And as a complete cohort, 94% of Americans are snacking at least once per day. As a result, the CPG industry registered its strongest growth in four years primarily because of the uptick in sales for snacking brands.
However, brands will only find success if they first understand the cultural trends shaping millennial snack occasions today.
New research dives into these trends via the lens that, for millennials, snacking is a necessity that has shifted the dominant meal occasion of their day from a meal to a snack.
Self, Society And Planet
The first trend is focused on responsibility of self, society and planet. When millennials snack, they are making purchase decisions based on these tenets and how brands satisfy them. Or, in some cases, don’t satisfy them.
For self, consumers ask, “How is the food I am buying enhancing the quality of life for my family or for myself?” We have seen a shift in popularity from foods that are absent of bad ingredients to those that have added positives, such as vitamins and other nutrients. Millennials bring their interest in modern food trends to snacking, leading to a desire for clean, organic, less-processed and few-ingredient product choices. Similar to the overall food industry, GMO-free, antibiotic free, additive free and locally sourced products are performing well.
When it comes to society, consumers want to know, “What good is the company contributing to the broader community it serves?” Believe it or not, millennials are paying attention to what all brands are doing in regards to cause programs, employee wages, manufacturing standards, employee policies and community support - even snack brands. They expect businesses in the space to put in real effort when it comes to adding good to the communities they partner with and the workers they employ.
This same idea transfers to planet. Consumers want to identify how brands are adding good to the world in which we live. This conversation is no longer just about what’s in products but also about eco-social issues including animal handling, land practices and management of water, energy and waste. Value versus values comes into play here, as millennials are willing to buy the products that emphasize their personal values of self, society and planet even in comparison to other products that might offer great value in terms of cost.
The second trend relates directly to the type of lifestyle that millennials take part in - binge living. Millennials live on the extremes in every aspect of their lives; they will work out every day of the week only to reward themselves by…[read the full article at www.forbes.com]