Growth Club
1851 Growth Club
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3 Restaurant Industry Shifts Owed to Millennial Influence
Like it or not, they can’t be ignored. Here’s a list of 3 ways millennial purchasing behavior is affecting the whole industry.
Millennials are a generation described in a lot of ways by a lot of people. Whether these early 20- to late 30-year-olds embody or defy society’s stereotypes of them, there is one thing for certain — they are emerging consumers with spending power that they use selectively, and the restaurant industry has changed enormously due to their influence. Now, it’s imperative for industry players to pay attention.
An inclination toward the healthy option
1851 Franchise Chief Development Strategist Sean Fitzgerald said he’s seen a massive shift in the QSR space toward healthier and faster. “Millennials move fast. Their days are packed and they don’t want to spend time waiting in line, but they aren’t willing to sacrifice quality of food. They are rewarding brands that are able to provide higher-quality, more natural food that plugs into their schedule,” Fitzgerald said.
An emphasis on speed and simplicity via technology
“QSR franchises that are improving their technology to improve speed of service are the ones accommodating millennials most effectively,” Fitzgerald said. Features like mobile ordering and electronic menu boards that mitigate transactions allow for more productive use of time when there isn’t much to be had and position brands favorably with this audience.
These developments pair best with a product that is simple — a distinct offering with a succinct menu.
“Brands also need to understand their target audience and execute at a high level,” Fitzgerald added. “Mistakes are made when brands try to accommodate too large of a customer base. Millennials are key responders to the simplicity model.”
Dining in is Out
Delivery services like Postmates, Uber Eats and GrubHub, among others, provide consumers with endless options from the comfort of their own residence, and millennials are at the forefront of that shift. “Consumers’ at-home food options have expanded exponentially, revolutionizing the industry and forcing brands to adapt or become irrelevant,” Fitzgerald said
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