Millennial Spending Habits and Characteristics
Millennials are officially the nation’s largest generation, according to Pew Research Center. Composing over 75.4 million people, the millennial generation demands much attention. What millennials are interested in and how they spend their money affects everyone, especially current and future business leaders. To ignore millennial spending habits and characteristics would be entrepreneurial suicide. Here are some findings that demonstrate how millennials are changing the juice and smoothie franchise market.
Millennials are Very Health Conscious
The reality is that we live in an age where consumers have an increased awareness of health and wellness that drives their purchasing decisions. If you’ve talked to a millennial about nutrition and fitness lately you’ve probably heard words such as “organic”, “locally-sourced”,” transparent”, and “clean eating”. Taking good note of these trends can lead to great entrepreneurial success.
Inversely, millennials are uncomfortable with foods that work against a healthy lifestyle. Nutritional labels that are high in sodium and fat are one of the fastest ways to dispel millennials. Instead, they are looking for products that are fortified with nutrients such as calcium, fiber, antioxidants, vitamins and minerals. Because millennials are centering their lives on healthy eating and exercise, your food product must be focused on helping them thrive nutritionally.
Millennials Spend More Money on Food than Any Other Demographic
As a result of being very health conscious, millennials are one of the first generations that are willing to spend more to get food and produce that is up to the standards that they want. They are hesitant to buy food and drinks from cheaper stores because of the concern that the products are low-quality. The only reason they will buy from a cheaper brand is if it is recommended by one of their peers or are convinced by online reviews that the cheaper brand is as healthy if not healthier than the more expensive brand.
Twenty years ago, price was the primary buying factor. This has changed drastically and there are certain foods that millennials simply will not purchase. Millennials avoid foods with the word “processed” attached to it at all costs. They do this because they claim to feel better when they eat foods that are raw, healthy or gluten-free, even if it costs them more. Additionally, millennials are also big proponents of snacking and are willing to spend more on healthy snacks like fresh fruits and vegetables, yogurt and nutrition bars.
Millennials Promote Products They Believe In
One of the most notable characteristics of the millennial generation is the amount of product promotion they engage in. This generation is certainly not shy about how a food or drink product makes them feel and they want the world to know. Taking their unique findings and opinions to social media, they’ll make sure to show all of their friends how great their taste is and how healthy they are eating. Millennials will also attach hashtags to further expose how happy #yourhealthyproduct made them feel. Because of this trend, Facebook, Instagram, Snapchat and Twitter have become amazing marketing channels for local businesses at an added cost of $0. Millennials also rely heavily on recommendations from their friends and peers so the bottom line is: as they share, others buy. This presents incredible opportunities for entrepreneurs with health-driven products.
Millennials Love Juice It Up!
As millennials embrace a healthy eating lifestyle, raw juice and smoothie bars play a tremendous role. This is a $2.2 billion industry nationwide that millennials are injecting incredible growth into. They are waking up each day and spending an enormous amount of money on their raw juice, acai bowls, kale products, cold pressed juices, juice cleanses, and wheatgrass/ginger shots. Franchisees at Juice It Up! are distinguished entrepreneurs because they have noticed these trends, jumped in to meet the needs of this generation and established themselves for long-term business success.
Request franchise information today to discover why owning a Juice It Up! is one of the best business ideas to capitalize on millennial spending habits and characteristics.