Last week the NPD Group, a leading industry market research firm, released a study on the latest spend trend findings related to Millennial influence.
Coveted as the sweet spot market niche for everything from tech to tacos, restaurant owners may be surprised to learn where the 18 to 34 year old age group spent most of their $95 billion food bucks for fiscal year ending June 2014.
Marketers would like to think 25-34-year-old Millennials, settled into careers, buying homes and having children, are devoted to the fast casual category. But according to NPD’s findings, this couldn’t be farther from the truth.
Of the 14 billion restaurant visits made by Millenials in this fiscal time frame, the destination majority weighed in at QSR s (quick service restaurants) across its 18-34-year-old population. While trends do provide an increase in fast casual spending, the number is extremely small when compared to the big picture spend.
Other notes made by the study pointed to voice and expectations. What this 74 million + population says on social media about where they go, and what they found there, remains one of the biggest cursory markers for the industry. Foodservice providers acknowledge brand injury through technology and the power of influence at hand.
Price promos, coupons and loyalty programs are also uber-essential to Millennials because they “expect to be rewarded for their loyalty”, reports NPD. What sets this group above others may be the fact that when their “dining expectations” aren’t met they are, “quick to spread the word.”
Down the road, NPD says growth in this spending segment, “the largest of the six key US generational groups”, will be further spurred by Hispanic influence.
New Fest in Town
Organizing Chefs, Bill Kim of bellyQ, Tai Dang of Embeya and Gene Kato of Sumi Rolata Bar appeared on Lunchbreak earlier this week in honor of Ramenfest.
The inaugural event, which debuts this Saturday, will challenge a line-up of 20 local chefs to interpret their take on the classic dish – a polar opposite to the pennywise micro-cook student favorite.
A portion of the proceeds from ticket sales and a planned silent auction will also benefit Common Threads, dedicated to educating children about different cultures through food and art.
The event sold out immediately online, and the Chefs are already hoping to make it bigger and better next year by adding a culinary contest to the mix.