On this episode of The Barron Report, brought to you by Kabbage, Paul Barron analyzes Foodable Labs data around two generations that are causing major shakeups in the restaurant industry: Millennials and Generation Z. These generations are shifting market dynamics, pushing restaurants to provide faster, more customizable dining experiences. Gen Z (currently 13 to 20 year-olds) and Millennials (20 to 36 year-olds) are both starting to take hold of the restaurant industry, now accounting for almost 50% of the US population!
Millennial data is showing a 200% rise in millennial food activities but a decline in guest occasions. Meanwhile, Gen Z is showing an increase in guest occasions, probably because they are now impacting the food decisions of their parents. But how can Millennials show both increases and decreases at the same time? Foodable Labs data points to off-premise dining, which it does not count as dining out occasions. So meal kits, delivery, and take-out are showing major growth in these generations.
Another major segment having success with these consumers? Snacks! While fast casual is faring well with the younger crowd, they are looking for higher quality in everything they do; faster, healthier, better experiences. So grab and go stores and ready to eat snacks are the top dining choice for Generation Z making up 20.9% of Gen Z-ers meals.
So how can you adjust your business to capture this segment? One, listen to this episode of The Barron Report for everything you need to know about what these generations are looking for in food. And two, prep your business for some changes by investing in new business operations.
- 1:02 - Consumer Trends Report
- 1:26 - Foodable Labs
- 3:10 - Gen Z and the Millennials
- 7:48 - Increasing Guest Counts here, Decreasing Counts there
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