While Elena explains a number of Megatrends and European consumer behaviours, the most notable of her findings concern the impact Generation Y (born between 1981 -1995) will have on how produce is grown, marketed and consumed. “50% of Generation Y consider themselves foodies. 60% of the males and 61% of females love cooking. To Generation Y, food is an adventure.”
When you combine their love for tech and following trends with a strong interest for new food ideas, interesting things start to happen. For example a ‘brinner’ (breakfast for diner) or a ‘linner’ (a snack between lunch and dinner). But also a Google statistic which says that Gen Y learns about food through YouTube video’s 30% more than any other generation and even drives a 280% growth of YouTube food channel subscriptions over the past twelve months.
“Food is fun, with interactive digital menus which provide backstories about the food; consumers can access, order, pay and share using their smartphones,” Ozeritskaya explains. Gen Y is hard pressed for time, which increases the need for handheld foods. “For higher-earning Generation Y consumers, convenience, freshness, health, variety and natural or organic ingredients are key, And much more are willing to pay extra for them.” Therefore there is much to win when Gen Y buyers can be wooed. Yet they demand authenticity and transparency. Company ethics matter. Sustainability is cool.
To corporates this means: whoever understands Gen Y best and is most ready to serve them, is most likely to stay ahead of the competition.
For more information, contact:
elena.ozeritskaya@fresh-insight.eu