In today’s globally-connected world, our menu options are more diverse than ever before. From exotic potato varieties native to Peru to fruit from the South Pacific, an endless bounty of snack choices can be found in even the smallest neighborhood grocery stores across the U.S., which particularly appeals to the ever-connected millennials.
Millennials, the name for those born between 1981 and the early 2000s, are constantly on the go – which means that cooking a large meal is typically too time-consuming to be a viable option. Due to this, millennials often rely on takeout food and healthy snacks, especially those that are easy to throw into a purse or backpack – making protein bars and snack mixes housed in resealable containers perfect snack options. It is estimated that by 2017, this generation will become the big spenders – dishing out more than $200 billion annually. Due to their transition into becoming the generation with the largest buying power, retailers across the world are beginning to stock their shelves with snacks, foods and drinks that appeal to the millennial demographic.
So how can your business capitalize on the spending power of this demographic? Below we list a few trends that have proven to be important to millennials and that can help increase your snack sales.
Recent studies have shown that millennials are more inclined to splurge on impulse purchases than other generations. According to Chase, 83% of US millennials admit to making impulse purchases – especially around payday. With this in mind, retailers can focus on carrying unique snacks with large, eye-grabbing packaging and focus on strategic placement in order to increase their upsell potential.
In comparison with other generations, millennials place higher emphasis on overall health and wellness. This interest in healthier lifestyles positions snacks with a good-for-you angle in a favorable light. Retailers should stock up on food that is marketed as being nutritious or natural in order to appeal to millennials.
Unlikely or unconventional flavor combinations have shown to be popular among millennials. Combinations – such as sweet and savory – provide enough of a unique taste that piques the interest of this demographic. Try carrying snack mixes that place similar unconventional flavors together, such as fruity and spicy or sweet and salty.
Millennials are health-conscious and keenly aware of trends. They enjoy trying new things but also want a trusted, reliable taste from their favorite brands. (In fact, brand reliability is so important that about 70 percent of millennials stick with brands they love, according to consumer experts.) They shop in a wide range of channels and enjoy spending more time among their peers than alone.
By understanding the unique needs of this powerful consumer group, a business can increase its sales of snack foods. Stocking your shelves with unique, health-minded options in interesting, resealable packaging will likely lead to increase in snack sales from a market demographic that is quickly transitioning into securing the largest buying power.