6 Millennial Shopping Insights
By Jill Failla on Jan. 20, 2017NEW YORK -- Millennials already are a core consideration of convenience-store retail and foodservice planning, but there is a diverse range of preferences and behaviors across this multicultural demographic, according to New York-based Nielsen’s new Multicultural Millennials: The Multiplier Effect study. The study reveals consumer packaged goods (CPG) spending trends among African-American, Asian-American and Hispanic millennials.
Here are six multicultural millennial findings to apply to your c-store business …
1. Asian-American millennials
Asian-American millennials overindex for sewing supply, skin-care and vegetable and dried-grain CPG purchases. They are increasingly spending their dollars on frozen juice drinks, ice and greeting cards and novelty party items.
2. Hispanic millennials
Hispanic millennials purchase more photographic supply, yeast, vegetable and dried-grain CPG than the average consumer. This demographic is spending more of its retail dollars on baby food, wrapping materials and diet aids.
3. African-American millennials
African-American millennials overindex for ethnic hair and beauty products, hosiery socks and feminine hygiene CPG purchases. These consumers are spending more money on greeting cards and novelty party items, liquor and ice.
4. Urban c-store markets
Today, 21 of 25 of the most populated U.S. counties are a multicultural majority, with 44% of multicultural millennials choosing to live in the top 10 Nielsen markets, including New York, Los Angeles, San Francisco and Houston.
5. Digital natives
Nearly half of multicultural millennials use their mobile devices to compare prices and browse when shopping, and almost 80% agree that the internet is a great place to buy products. It’s also easier for this diverse generation to buy online since they maintain and value their connection to the internet throughout the entire day, according to Nielsen.
6. Multicultural foods
While almost half of millennials want to purchase food from companies with a social purpose or mission that resonates with them, it is nearly as important that companies offer multicultural products. Over two-fifths (44%) of millennials overall say that it’s important or essential for their foods to include “multicultural flavors.”