We often speak about trends among the Millennials. It’s hard to ignore this segment—after all, this is a generation that is 75 million strong in America. By 2019, Millennials are expected to outnumber Baby Boomers. Restaurant operators need to take particular care to attract and sustain this important cohort. Millennials are driving dining trends including the growing off-premise segment.
According to ROTH Capital Partners’ 2018-2019 Millennial Survey, they found that:
- Millennials believe the economy will be the same or better next year
- More than half have decreased their social media usage over the last year
- Only 26% of Millennials would prefer not to share personal information for a more tailored experience
- Two-thirds of Millennials prefer to research significant purchases online, but 57% still prefer in-store transactions
- 27% of Millennials are comfortable purchasing groceries online
- 62% of Millennials are Amazon Prime members
- More than one-third of Millennials have an Amazon Echo, Google Home, or similar product and 24% of those use them to regularly make purchases
- 15% Millennials have used virtual reality (“VR”) to evaluate furniture purchases, while 16% have used “virtual mirrors” to try on makeup or clothing
- More than half of Millennials belong to traditional fitness clubs while 28% attend classes at boutiques
- Climbing, hiking, yoga, and cycling are among the most popular fitness activities for Millennials
You can read the full report by requesting the survey here.
These key findings tell us several things: Millennials are optimistic regarding the economy; they like and are open to technology when it comes to making purchases and decisions; they are health-conscious, and they enjoy convenience. What, as restaurant owners and operators, can we learn from this? For one, is your menu reflective of the Millennial values? Are you offering healthy dishes? Are your marketing strategies using technology to help attract this segment? How is your brand resonating with this crowd?
There are many actions you can employ to ensure you’re catering to Millennials. For more information or help on your restaurant strategy, please contact Synergy.