How Millennials Want to Spend Their F&B Dollars

44% of the money Millennials spend on food goes towards buying food when they’re out and about or ordering take away. In Australia, our Millennials are apparently prioritising food over houses with the ‘smashed avo’ breakfast becoming a controversial topic. Some people have stated that the money this age group is using towards their dining experience could be used towards a down payment on their homes but whether the argument has legs or not, we aren't here to say. What it does highlight is that there is money being poured into the food, beverage and hospitality industry from our younger generation. However, when it comes to what they want to spend their money on, market research has shown that they are looking for something very specific when it comes to their food experience they invest in. Here are the 5 key things Millennials want and will lead to gaining and retaining their business if you provide them: 


1. They want to learn through immersive food experiences

The Millennials enjoy learning about new cultures through food and find food-focussed events very appealing. This expands the thought the food should be an experience to it also being a social and educational component of this age group’s lives. This means they are after a diverse mix of cuisines and are open to trying new things, enjoy events that are food-focussed and will also put their hands up for an immersive experience where they can watch and learn how foods are made. 

 

2. They want the food experience to be unforgettable

Whether it’s eating some of the most innovative food from your city’s top chefs or trying out new takes on nostalgic food favourites, they want that food to take them to a new place which they walk away from and remember. Chef-selected tasting menus appeal to this age group as do foods that remind them of their childhood or something that their grandma used to cook. These things take them on a food journey whether it be back through their memories or along the path of the chef’s creations. 

 

3. They have got the need for speed

This age group likes to ‘grab and go’ when they aren’t sitting down for their tasting experience. They also like to be able to cut down on time dedicated to their food by being able to electronically order and have their food delivered to their desk. As much as they want the experience of food, this age group is fast-paced and have grown up with technology making access to food a big part of it’s which outlet appeals.  

 'Grab and Go' by Laneway Greens in Melbourne's CBD (image via Broadsheet)

'Grab and Go' by Laneway Greens in Melbourne's CBD (image via Broadsheet)

 

4. They eat with a conscience

They want to know where their food comes from and will favour a brand who provides this information over another. Local sourcing of ingredients is a big draw card for this age group and they will even pay more for it if they know it’s come from a quality source, somewhere nearby. Operators can easily inform their customers of this by displaying the information on their signs, menus, social media accounts and social media networks. 

 

5. They want it all

If your food precinct only offers cheeseburger bars, you aren’t going to capture this crowd. They sway between wanting to order the healthy option to indulging in the most naughty item on the menu so they can say they’ve tried it. Strategic masterplanning by your food consultant can master this by ensuring that each burger bar or pizza shop is balanced by a healthy option such as sushi or salad concept. This group are heavily swayed based on trends, social media and pop culture so it’s important your precinct or business can transform with the times and stay up to date with the ‘buzz’ foods and cuisines. 

 Hyper-popular burger concept, 8Bit attracts the Millennials with buzz food like burgers, milkshakes and dirty fries (image via Broadsheet)

Hyper-popular burger concept, 8Bit attracts the Millennials with buzz food like burgers, milkshakes and dirty fries (image via Broadsheet)


What are you doing in your food precinct of F&B business to keep up with the Millennials and their ‘want and needs’?

With their contribution to the F&B industry being one of the biggest, satisfying them by knowing the way they work and spend is key to building a precinct or business that attracts this fast-paced, ever-changing, educated and discerning customer group.