Millennials are seeing food as the new status symbol, and expecting everything on demand. The combination is leading to a new market of tech companies rushing to fulfill their foodie needs.
In our Ypulse Quarterly report trend spotlight, we told you that food is becoming the new status symbol. 52% of Millennials 21-32-years-old would rather go to a food festival than a music festival, and 61% of Millennials ages 21-24 would rather have dinner at a new restaurant than buy a new pair of shoes. Food has been a fixation for the generation for years, but now it’s also becoming a way to show that they are worldly, interesting, and having a coveted experience. Today, sharing a picture of expensive cheeses, a pricey lobster roll eaten on a Tuesday, or a VIP sweet is the equivalent of saying, “I’m so fancy,” and inviting social envy the way a nice bag or jewelry would have ten years ago. As food experiences climb up the wishlists of Millennials, they’re looking for new and easier ways to access them.
At the same time, Millennials are changing the way that luxury is defined: it can mean rarity, convenience, ease of access, material sourcing—all separate from that age-old notion of expense and pretense. Having a smaller indulgent moment in their everyday lives is a part of that blurring definition.
So young consumers are looking for moments of luxury in their everyday and are looking to food to fill that gap. They’ve also been trained to expect things on demand. Seamless has made the concept of clicking a button to order a meal a natural part of their lives; apps like Uber are taking that on-demand expectation even further with car-services that arrive on the touch of a screen. (Uber has even hinted that their future could be in delivering all things on demand.) So it should be no surprise…