Posted in Millennials on February 29, 2016
Millennials have saturated marketing initiatives. Everyone wants to sell to this coveted demographic. But that doesn’t mean you should ignore other age groups. Baby boomers still have big buying power—accounting for 41% of snack sales vs. millennials 24%.1
It’s true that over 24% of young boomers (ages 45–54) and 27% of older boomers (ages 55–64) are cutting back on their snack budgets as their incomes reduce2—meaning you might have to tweak your tactics to help you move product. Price-conscious boomers will be more attracted to discounted items or buy-1-get-1 offers as 28% of young boomers admit that savings drive snack purchase over brand loyalty.2
However, both millennials and boomers seek value and freshness,3 therefore, it’s important to keep fresh foods cases well stocked with products that feature a variety of price points.
Millennials’ snack purchases are driven by convenience and portability3 and they favor snacks that aren’t tied to a particular daypart.1 But boomers take a more traditional approach to snacking,1 keeping treats with their intended time of day. So make sure you have a mix of treats that transcend dayparts to keep the generations happy.And speaking of generations … Gen Z is about to hit big. They’re foodie-driven and adventurous.4 They’re used to exotic global cuisine and seek bolder flavor experiences.4 But that doesn’t mean classic flavors aren’t important to them. Excite and engage the emerging generation with a mix of bold and classic flavors such as berry, citrus, vanilla and chocolate.4
So keep up a great mix of products and price points to ensure you stay an operation for the ages.
What do you do to attract the age groups? Share your ideas below.
1. Culliney, Kacey, “Are millennials the most important snackers? Not necessarily... says IRI,” July 1, 2015. http://www.bakeryandsnacks.com/Markets/Snack-trends-Millennials-or-boomers-important
2. Wyatt, Sally Lyons, “How Millennials and Boomers Snack,” IRI, August 19, 2015, iriworldwide.com blog, https://www.iriworldwide.com/en-US/insights/blog/August-2015/How-Millennials-and-Boomers-Snack
3.Watrous, Monica, “Snack preferences differ between millennials, boomers,” Food Business News, September 22, 2014
4.,Oscarson, Pamela, “Meet Genration Z!” FONA International blog, March 9, 2015, http://www.fona.com/resource-center/blog/meet-generation-z
