According to new research, nearly half (44%) of the money that millennials spend globally on food goes towards buying food in cafes and restaurants or ordering take-away.
In the wake of a hostile debate about Australia’s affordable housing crisis, it appears that many young Australians are prioritising food over houses and that money is being poured into the F&B and hospitality sector.
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 experiences.
According to Future Food’s Francis Loughran, who will be presenting at The Urban Developer’s upcoming event ‘Food is the New Black: The Importance of Experience and Customer-Centric Design in Delivering Successful Retail Precincts,’ there are five key things that millennials want that will lead to winning and retaining their business.
By 2017, millennials will have the power to outspend the Baby Boomers, so we better pay attention!
They Want To Learn Through Immersive Food Experiences
Millennials enjoy learning about new cultures through food and find food-focussed events very appealing. This expands the thought that 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.
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.
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.
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.
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.
About Francis Loughran
Francis Loughran is the Founder and Managing Director of Future Food, Australia’s premier global food and hospitality consultant. With over forty years in retail, food and hospitality, Francis understands consumer needs and aligns them with the spatial positioning of the projects he is working on.
Francis specialises in strategic planning of F&B precincts, trend analysis, cultural adaptation, transition strategies, spatial planning and design analysis of retail, commercial, leisure and mixed use developments around the globe.
Interested to know more?
Hear from Francis and other experts at our upcoming event series.
FOOD IS THE NEW BLACK
The Importance of Experience and Customer-Centric Design in Delivering Successful Retail Precincts.
There is no greater example of a sector in rapid transformation than retail.
In less than a decade, social media and technology have swung the pendulum of power from retailer to consumer and the impacts are being felt across the globe.
From organic food culture and our fascination with celebrity chefs, to food-trucks, pop-up’s, food-delivery apps and – dare we say it – worldwide social media sensation Salt Bae, it’s time to acknowledge that “food is the new black.”
A greater consumer appreciation for food – and more importantly, authentic experiences – is both a challenge and opportunity for the property industry.
What does it mean to create a meaningful place and a positive experience for the empowered consumer?
The Urban Developer, in partnership with Future Food, is delighted to welcome you to an intellectual feast on ‘The Importance of Experience and Customer-Centric Design in Delivering Successful Retail Precincts.’
From Sydney’s Tramsheds to Westfield New York; Auckland’s Ponsonby Central to Brixton Market in the UK, Future Food’s Francis Loughran will take you on an informative and delicious journey around the world’s most successful retail precincts and provide insight into what, when, why and how these precincts emerged.
Francis will also be joined by a panel of leading retail developers, investors and experts in a discussion to be moderated by Adam Di Marco, publisher and founder of The Urban Developer.
This is a must-attend event for anyone invested or involved in the retail or consumer sector.
The National Series will be hosted in Sydney, Brisbane and Melbourne in May/June.
Make sure you avoid missing out by clicking this link to register your tickets.