Millennials drive dramatic change in food economy
August 5, 2016
Food is very important to millennials. That’s not to say it hasn’t been or isn't important to other generations, but let’s be honest: We’ve taken it to the next level. It’s not uncommon for millennials to take a picture of their meal and Instagram it — at least once a day. We’re all about organic food, locally sourced ingredients and farmers markets. We’ve even had the chutzpah to convince Kraft to take the yellow dye out of their iconic mac and cheese and, even as I type, I am reading a headline that McDonald’s has just announced it will no longer make Chicken McNuggets with artificial preservatives! Simply put, we’re a generation obsessed with food, and it’s having an impact on the food economy.
Back to the basics
How can a generation so into technology really be that interested in something so natural, fundamental and even prehistoric as food? According to Eve Turow, author of "A Taste of Generation Yum," millennials’ reliance on technology is precisely why we’re so into food. As she told The Atlantic last year, sitting in front of a screen all day leads to “sensory deprivation” and “craving community.” Eating is a great solution to both.
If you’ve been on Facebook lately, I practically guarantee that you can’t scroll through your news feed without seeing the Tasty videos. These two-minute videos instruct you on how to make a dish, step by step. They’re short, easy to follow and the results are, as the name implies, tasty. Pinterest is another platform that has dramatically increased in popularity, mainly due to millennials. The sites’ food boards are still among its most popular. For millennials, food and technology go hand in hand.
Grocery stores, restaurants evolve
Restaurants and grocery stores are evolving to keep up with 18- to 36-year-olds’ antipathy to processed food and proclivity for convenience. Whole Foods and Trader Joe’s are perhaps the most famous purveyors of organic, natural, small-batch, hand-crafted and artisanal (all words and notions that millennials love) groceries, but nearly all grocery stores carry these products now. In fact, Costco has eclipsed Whole Foods as the No. 1 seller of organic produce, surpassing $4 billion in sales this past year. The organic farmers who supply Costco can’t keep up with the demand, so the warehouse retailer is lending them money to expand their operations. Because not everyone has the time or the money to shop Whole Foods, the company has launched a line of stores called 365 by Whole Foods Market to provide a “streamlined, quality-meets-value shopping experience.”
Millennials also want to know where their prepared food in restaurants comes from and how it’s grown. But it’s not all nutrition and social and environmental responsibility for millennials — food is also fun! Millennials view food as entertainment and self-expression. They want variety and diverse flavors. According to ThinkSplendid.com, 55 percent prefer communal tables, 68 percent of millennials check with friends (often over social media) before selecting an eatery, 87 percent will splurge on meals even when money is tight and 40 percent will order something different every time they visit a restaurant. If you haven’t noticed, the trendiest restaurants are catering to many of these inclinations, and not just inside their walls. Many of today’s most successful restaurants would as soon do without menus as they would a vibrant social presence.
Today’s tastemakers
Millennials are literally today’s tastemakers for what we put in our mouths, where we procure it and how it is prepared and packaged. While some might begrudge giving young foodie whippersnappers the credit, it’s a phenomenon that we can all enjoy!
Jennifer Pagliara is a financial adviser with CapWealth Advisors. Her column appears every other week in The Tennessean. For more information, visit www.capwealthadvisors.com.
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