In a new report examining post-millennials – those born between 1992 and 1999 – IGD research reveals how this highly influential generation of shoppers will shape the future of the food and grocery industry, overthrowing baby boomers as the generation with the biggest spending power and influence.
The report identifies time and convenience as the key issues the industry can address to future-proof their business to align with these changing needs. Today’s post-millennials are prepared to spend money for products that meet these criteria. Indeed, when it comes to saving time, over half (54%) sometimes go to the nearest store even if it is more expensive (compared to 40% of those aged over 25). Furthermore, 52% of 18-25s claim they sometimes spend a bit more for easier to cook or prepare products (compared to 42% of those aged 26+).
The top ten areas post-millennials are saving time on with regards to food and grocery are:
- 77% save time by using self-checkouts
- 69% save time by buying prepared food in jars, tins, packets or cartons
- 68% save time by spending less time cooking
- 67% save time by shopping in smaller convenience stores
- 64% save time by buying food-to-go
- 61% save time by buying pre-prepared meals or instant products
- 57% save time by eating up leftovers from a previous meal
- 56% save time by buying pre-cut products, such as vegetables or fruit
- 55% save time by missing breakfast
- 48% save time by cooking in bulk
Michael Freedman, Senior Shopper Insight Manager at IGD, says: “Our research gives us a unique insight into the minds of a group that, while relatively small today, will become even more influential and crucial to understanding the shopping behaviours of generations to come. We’re seeing the priorities of post-millennials differ significantly from older generations, with societal shifts and advancements in technology being key factors in the changing shopping needs of 18-25 year olds.
“There are great opportunities for those businesses within the food and grocery industry to gain competitive advantage by meeting the needs of this powerful group of shoppers. However, those businesses that fail to understand the specific requirements of 18-25s will only risk losing out. It will be key to future-proofing businesses to meet the growing demands from post-millennials who expect better products, prices, more product diversity and improved services, along with wanting meaningful experiences and inspiration – while always demanding convenience.”
