make way for the millenial
make way for the millenial
Move Over Baby Boomer
Make Way for the Millenial
How changing consumer behaviour and soaring costs are
forcing fast casual operators to rethink their digital and
operations strategies.
By www.qikserve.com
The fast-casual sector, like many other
areas of the hospitality industry, has
been faced with multiple challenges
in recent years. Recovery from the
recession, minimum wage rises,
increasing ground rent and changing
consumer preferences and behaviours
have forced operators to rethink not
just their digital strategies but also their
operations, especially around fulfilment.
We take a deeper dive into the
challenges of the fast-casual sector and
how digital innovation can help not just
minimise their impact, but proactively
drive success.
Move over baby boomers, make
way for the millennials
Millennials are the largest generational
cohort in history boasting a membership
of 79.8million and are expected to have
the greatest spending power by 2020.
They’re also a bit of a conundrum
Traditional marketing approaches
don’t seem to be effective on this group
that has proven to have wildly differing
needs and purchasing patterns. And
although some research confirms their
wealth and spending power, there’s
also evidence to suggest they’re a
demographic of extremes.
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Millennials (24-39 in 2020) as well
as a portion of the older iGen (8-23 in
2020), more than any other generation,
have displayed rapidly changing
behaviour when it comes to dining.
Fewer of them are eating out. This
change of behaviour has been blamed
on a number of different factors. People
have less time to go out and enjoy
meals, they have less money to spend
on dining and, interestingly, because
entertainment has moved into the home.
Comfort food
Technology is now allowing people to
socialise, play games, interact, purchase
and fulfil requests all from the comfort
of their couch, bed, bath or wherever
they might find themselves at home.
Some argue that this preference to stay
in, coupled with convenience, has fuelled
the delivery market, putting companies
like Deliveroo, Uber Eats and Just Eat
on the map.
Moreover, when millennials do go
out, they’re starting to expect more from
their dining experience, often powered
by technology. For example, 60% of
millennials said they wanted to see
restaurants use technology to make the
process of ordering and paying for meals
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