Responding to a generation that doesn’t have time and loves technology.
If you did not know already, Millennials have overtaken the Baby Boomers as the largest living generation. These 18-25 year olds are making waves in almost every industry.
They may be young, but Millennials have major buying power. Millennials average yearly expenditures total around $47,112. Together, Millennials spend $600 billion in the United States each year. The Millennial population is projected to spend $1.4 trillion shopping each year by 2020.
Where are Millennials spending all this money? Well…More than any other generation Millennials prefer experiences over things, and the good news for the restaurant industry is that eating out is one of those experiences they love.
Despite working fewer hours Millennials spend less time on food prep. They eat at restaurants 30 percent more than other consumers. More than half (54 percent) eat at restaurant at least three times week and spend 14 percent more than other diners when they do.
What about online and mobile purchases? Millennials spend more time on apps and the internet than they do watching television and make 54 percent of all purchases online.
During a UPS study of Millennial shopping habits, only 11 percent of Millennials reported they will make their next purchase in a physical retail store. A whopping 79 percent of Millennials have ordered take-out via website or app. That is 29 percent more than the older US adult population.
If you can win these experience-seeking big-spenders, you can have a customer for life. 60 percent of Millennials remain loyal to brands they purchase. On top of that, 56 percent of Millennials are drawn to mobile loyalty programs and are more likely to stay loyal to a brand because of loyalty rewards than any other generation. The majority of these loyal customers (94 percent) also love to use coupons and have a preference towards digital formats.
How do you capture the Millennial generation and grow your restaurant business?
-Meet Millennials where they are..on their phone.
-Help Millennials save time with a mobile ordering option and easy store finder.
-Enhance Millennials food experience with a visual menu and virtual gift cards.
-Scratch the Millennials itch to save with mobile push notifications and in app coupons and promos.
-Capitalize on Millennials higher spending habits with in app upselling.
-Gain the loyalty of Millennials with an in app loyalty rewards program.