Your future customers, the Millennials, will increase their buying power by $50 billion annually, and they care deeply about how their products are manufactured.
Talking about the trends that food manufacturers are facing, Scott Kupperman, president of Kupperman Location Solutions, told the audience at Expansion Management’s Roundtable in the High Desert in Tucson this morning that given the less than loyal tendencies of the Millennials manufacturers need to pay attention to what is important to this group.
Unlike the Baby Boomers who tend to stick with a brand they like, the Millennials are ready to move to the next new product if it can offer what they want. And often what they want is to know that the food they are ingesting is being manufactured in a sustainable manner. Environmental concerns are important to this group, and manufacturers would be smart to make sure they communicate the efforts they are making in sustainable practices.
A study showed that 83% of Millennials will trust a company more if it is socially or environmentally responsible.
Remember, green is good is a rallying cry of this group.