Specialty Food Magazine

FALL 2017

Specialty Food Magazine is the leading publication for retailers, manufacturers and foodservice professionals in the specialty food trade. It provides news, trends and business-building insights that help readers keep their businesses competitive.

Issue link: https://specialtyfoodmagazine.epubxp.com/i/873281

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Page 82 of 107

M att Beaudreau of The Center for Generational Kinetics knows Gen Y and Z. Not only is he a millennial himself—and a parent to three young kids—he works for an Austin, Texas, research company that focuses on understanding and reaching the millions of consumers that make up these generations. Beaudreau tackled some of the challenges that come with selling to multi generations of consumers—specifically how to get past assumptions about younger customers so you can truly understand them—during the Super Session, "Know Tomorrow: What Moves the Consumer Who is Moving the Market," at the Summer Fancy Food Show, held in June in New York. Following are 10 takeaways: Think you have a handle on younger consumers? Think again. Here are key truths and critical misconceptions that could be affecting your business. BY SUSAN SEGREST 10 Things You Should Know About Your Gen Y and Z Customers 1 2 The average millennial is three to five years behind in life expe- rience than you think they are. This means that 23-year-olds walking into a store may never have shopped for themselves—and most millennials sur- veyed said they believe people become adults around age 30. If that research sur- prises you then you may want to adjust your core beliefs about this consumer, said Beaudreau. Millennials are just starting to establish brand loyalties. There are 80 million millennials, he said, mak- ing the generation about the same size as baby boomers. Twenty-five percent of new millionaires this year are mil- lennials and by the end of 2017, this generation will be the first to outspend boomers in the U.S. "And we are up for grabs," Beaudreau said. "We are just beginning to become brand loyal, store loyal, and food loyal. And just beginning (continued on p. 100) Matt Beaudreau, The Center for Generational Kinetics 78 ❘ SPECIALTY FOOD MAGAZINE specialtyfood.com reaching gen y and z

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