Younger millennials are outspending older generations in food dollars, while older cohorts are more likely to be using a number of money-saving tactics to keep food bills manageable, according to IRI Consumer Connect survey findings.
“Younger millennials have been lulled by the historically low unemployment rates, which is boosting their overall confidence,” said Joan Driggs, V.P., Content for IRI. “At the other end of the spectrum, many baby boomers, retirees and seniors are concerned about their retirement savings due the volatile stock market and are watching their expenses more carefully. In recent years, millennials have been less optimistic than older consumers and were spending less. We are now seeing a role reversal that is impacting spending on edibles across the board.”
“The latest generational spending habits combined with increased interest in plant-based and sustainable products, opens up an array of new opportunities for CPG marketers,” said Driggs. This doesn’t mean marketers should lose sight of older consumers, who still have the greatest purchasing power, but marketers must develop targeted marketing campaigns that appeal to the various generations of shoppers.”