Millennials’ willingness to pay for premium ingredients redefines food industry
Millennials display unique and identifiable behavior in their interactions with food that challenge how the food industry should market and sell their products.
Sustainability and local sourcing have traditionally been features that marked “premium” products in the food industry. However, in recent years, Millennials have emerged as the primary driver in taking these products mainstream. For them, premium is the new normal, according to a report released by Maru/Matchbox, a Chicago-based market insights firm.
The study, “The Future of Food: Are You Ready for the Millennials?,” finds that from brand biases to purchasing channels, Millennials display unique and identifiable behavior in their interactions with food that challenge how the food industry should market and sell their products. The report presents a number of significant trends driven by Millennials that are shaping the future of food, including: