Grocery Shopping in the New Millennium

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The age of the baby boomers are on the decrease, and the generation known as the millenials are going to be soon taking over as the dominant generation. And with their invasion, they are changing the way that money is being spent, especially with grocery shopping.

Here are some statistics from the article linked above:

There will be lots of Millenials. By 2020, Millennials over the age of 25 will make up 19% of the population (they are only 5% in 2010). By that time the Baby Boomers will finally fall to below 20%.

They have money to spend. Unlike retired Baby Boomers, on fixed incomes, these Millenials will be entering the time of life associated with high spending as careers progress, households form, and children are born.

Millenials are less loyal to channels and brands.

Millenials: 47% rate brand name "extremely" or "somewhat" important in driving grocery choices, vs. 61% of Boomers. They may also be more open to trading down to private-label products (require less of a discount to trade down).

Millenials: 41% of total food $ are spent at traditional grocers, vs. 50% for Boomers.

Millennials spend differently.

They are more price sensitive than Boomers, willing to shop for deals,

They are also more willing to pay more for natural/organic foods (58% would pay more, vs. only 43% of Boomers).

Analyzing these two generational patterns is complimentary of a trend study. It is a trend study because it measures the same items over time. In this case, grocery shopping habits from one generation and again to the next.

I am categorized in the millennial generation. And for the most part I agree with most of the found research. I prefer organic and natural foods, and I am also more price sensitive as the research suggests. I like to use coupons and wait for things to come on sale. The only statistic I do not relate to is the one stating that millennials are less likely to be brand loyal. I find that personally I am very brand loyal. I find items that I like, and then choose to only buy that product. For example, I am a Coke person all the way. You will never in my life catch me buying anything Pepsi.

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This page contains a single entry by whit1533 published on December 5, 2012 12:50 AM.

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