The Millennial Meal Plan

Today's post comes from Ypulse team member Gwen Radsch.

The Millennial Meal Plan

Food ArticleAs the US Census has frequently reported, the Millennial generation is extremely diverse. With this diversity comes an exposure to many different cultures, including traditional, and not-so-traditional, cuisine. International is becoming local and the flavors of every country have never been so easy to find as they are today. For example, in our Lifeline Report on Food and Beverage habits among Millennials conducted earlier this year, we found that 33% consume rice, almond, or soy milk at least occasionally. These types of milks were pretty rare not too long ago, but now a full third of Millennials consider them a standard part of their diet.

Millennials are approaching food and meals in a very different way; it is less about just grabbing a bite and more about creating a memory. A quick look at Instagram, Pinterest, or the many Tumblrs devoted to food will show you that this generation doesn’t just expect a meal at the dinner table, but rather to have an influential experience. Fully 1 in 5 (21%) Millennials report that they have attended a food festival which shows how food has evolved into more than just calories, but instead evokes a communal experience that was once reserved for music and Star Trek.

Recently, much has been made of the fact that Millennials are less brand loyal than Boomers when it comes to food purchases. It is possible that the economy is impacting whether this generation is willing to pay extra for a brand name, but given that they are in a highly experimental time in their lives, many of them cooking for themselves for the first time, it is more likely they haven’t figured out which aisle in the supermarket fits them best. The critical question, however, is do they even…

 
 

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Millennial News Feed

Quote of the Day: “I consider luxury items as something that is nice to have, but that I can also live without.”—Female, 23, FL

How has the recession made Millennials reject capitalism? According to a Harvard University survey, 51% of 18-29-year-olds say they do not support capitalism, but it may be that young voters are essentially frustrated by the “flaws of free markets.” When asked about socialism, only 33% said they were in support of the alternative system, making the analysis of the data complex. It is also unclear how the Millennials surveyed define capitalism, since the meaning has shifted throughout the years. According to one pollster, the term once meant freedom from totalitarian regimes, but is now blamed for the financial crisis. (Washington Post

Financial technology startups are narrowing their focus to keep Silicon Valley interested. It is no longer enough for a young company to disrupt the financial industry, they need to think niche to stand out from the competition. Financial start-up Pave targets consumers with a lack of credit history, like college students. Promise Financial provides loans specifically for weddings (which 74% of 18-33-year-olds say have become too expensive), and has partnered with over 100 wedding venues and vendors to offer loans when major purchases are being made. (Wall Street Journal

Luxury brands are looking towards the future by focusing in on Millennials. The generation has the potential to be the largest spending group in history, and by 2020 the oldest Millennials will be entering their peak earning years. To prepare, luxury brands are shifting to cater to the generation who values “über-luxe” travel over costly jewelry, shoes, and bags. Brands are turning to new influencers—from the Instagram-famous to video game characters— to form relationships with Millennials before they become the core luxury demographic. (WWD

GE has created an unexpected product to attract Millennial engineers: hot sauce. In partnership with thrillist and High River Sauces, the company has introduced the limited edition 10^32 Kelvin—named after the temperature that “scientists believe all matter ceases to exist.” The sauce combines the two hottest peppers in the world, and is made to get the attention of young applicants who may be more inclined to work for a “trendier” company. There is no doubt that hot sauce is a major trend: one market research firm predicts that by 2020 popular sauces will earn $632 million in new sales. (Fox News

An exclusive club called Magnises is “targeting Millennials and brands, wallets and insecurities.” We first told you about Magnises as a start-up targeting high earning Millennials, and since then it has branched out as a community-focused platform joining the ranks of WeLive and Soho House. Playing off Millennials’ struggle to form connections, the company wants to bring “the benefits of an online social network immediacy, convenience, interactivity—into the real world,” through member-only and sponsored events. They are expecting $5 million in revenue this year, with the  majority coming from brands. (Racked

Quote of the Day: “When shopping for a home, my must-have is an in-law suite.”—Male, 23, DE

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