We know there have been so many challenges with the pandemic. In the food industry it has made forecasting very difficult, it has really impacted the food service industry and it has added even more complexities to producing and selling food. On the flip side it has also accelerated change in the market. One of the benefits to retailers and those selling their products in retail is the fact that many people from the millennial generation are buying increased amounts of food in grocery stores.
These consumers, between 25-40 were more likely than any others in the market to eat at restaurants. With capacity limited in food service, people staying home and working at home, millennials are eating a lot of meals at home. This means they are shopping in food stores much more than they did before.
There is no doubt consumer packaged goods companies and retailers have been trying to entice this generation into the stores for a number of years. The changes of 2020 forced this to happen.
With these consumers in the store, it is an opportunity to develop relationships with them and also increase your sales to them.
If you are looking for opportunities with these consumers there are few factors to consider:
- We know these consumers like to have more of the work done for them however they also like to put their own twist on the final product.
- They are interested in items they are likely to find on a restaurant menu.
- Although we are limited in gatherings, these consumers do like to make food a social event.
- They probably have not been cooking a lot at home so any help or ideas you can provide will be a plus.
- They are much more likely to shop online, even for food.
- They put credit in the reviews other consumers share about products.
- Online is their source of information so make sure you are easy to find and communicate with them.
- Trends with this generation include sustainability and alternate sources of protein.
We know retail sales for food have been up 10-12% per week since last March when the pandemic really started to impact our market. A big proportion of the increase is from millennials shopping in grocery stores and eating more meals at home. If these consumers would be interested in your offering, look at your communication. Make sure you are communicating with these consumers and helping them find and use your products.
Yes they will go back to restaurants when they open up but it is likely they might go back a little less. Now is the time to get them interested and using your products so you build your relationship for the future.
If you missed the third webinar in Perennia's preparing for retail success series, here is the recording:
On February 24th I will be presenting as part of the “Preparing for Retail Success” webinar series, join Perennia Food Scientist, Emily Page and I as we talk about “Pricing for Profit 3.0- Retail Sales"
At the end of March I will be moderating a panel of producers and industry experts on "Consumer Trends In Agriculture" as part of the Minister of Agriculture Digital Series.
If you have any questions about how to get your local products on the shelf or in the shopping cart you can always call me at (902) 489-2900 or send me an email email@example.com.