Are Millennials behind the demise of fast food as we know it? Or to borrow from Mark Twain, are the reports of McDonald’s death greatly exaggerated? If you’ve been reading the financial news, McDonald’s seems to be in trouble – the theories abound as to why. Some point an accusatory finger at Millennials.
We have already written about the challenges of consumer product companies and fast casual establishments in capturing the taste buds of the coveted consumer group born between 1981-2000: Millennials. Their habits and preferences are shaking things up across multiple categories. Gen Y seems to increasingly favour companies like Chipotle and Panera, as well as Shake Shack and Five Guys. What’s notable is that all of these are part of the “fast casual” dining trend.
So what’s the link between Millennials and this trend? We recently conducted a study of Millennials and their attitudes about nutrition, and we are presenting at the Food & Drink Innovation Network conference in London. Our study finds that taste, quality and experience matter tremendously to the Gen Y consumer – all hallmarks of the “fast casual”.
To Millennials, overall nutrition is important, and they want fast food to be healthier and better quality. While they are active and conscientious grocery shoppers, they do allot a significant portion of their budget to eating out. That means there’s significant opportunity for restaurant marketers to capture share of wallet.
To receive an executive brief of our Millennials & Nutrition findings, click here. And watch this space for the webinar on the subject in March.
