A new year means many food businesses will be aiming to consolidate and build on their current position in the marketplace. Business objectives might include targeting specific markets, developing product offerings or setting up partnerships to increase their customer base.
Over time, new generations become the decision makers of their purchases. These younger consumers come to the market with their own set of trends and values. This gives food businesses new challenges to tackle, but also new opportunities for targeting this evolving market, and an opportunity to increase their existing customer base.
Read on below to find out how your food business can make the most of these trends and values to increase your customer base.
Understanding the values of Millennials & Gen-Z
Knowing what your target audience values in their purchasing process is fundamental to turning them into paying customers. In the case of millennials and gen-z, there is a huge amount of awareness for sustainability and health that means these are key considerations when purchasing food and drink products.
The graphs below highlight how this affects the market…
There is a clear trend that those who choose to go on to certain diets, like gluten-free or vegan, are likely to be millennials or gen-z. A survey found, for example, that 61% of vegans are between the ages of 16 and 34. Similarly, another found that almost 70% of those that expressed interest in a gluten-free diet were between 18 and 34.
How can businesses appeal to these customers
Food businesses that want to appeal to these audiences who prioritise sustainability, vegan diets, and gluten-free diets, can adopt several strategies to do so…
First and foremost, businesses make sure they offer a wide range of vegan and gluten-free products. By demonstrating a commitment to meeting the needs of customers with dietary restrictions, businesses can attract and retain customers who prioritise these diets. Businesses can also promote their vegan and gluten-free products through targeted marketing campaigns and by participating in events that cater to these customers.
One step that businesses can take to support this strategy is to implement a traceability system in the manufacturing process. This system tracks the journey of raw materials and components throughout production. This means that businesses can provide customers with detailed information about the origin, composition, and processing of the products they buy. This level of transparency can give peace of mind to environmentally conscious consumers, helping businesses to stand out in a competitive market.
Finally, businesses can appeal to these audiences by demonstrating their commitment to sustainability through initiatives such as reducing waste, using renewable energy, and adopting environmentally friendly practices. By taking active steps to reduce their impact on the environment, businesses can demonstrate their values to millennial and Gen-Z consumers, helping them to stand out in a crowded market.
Click here to learn how businesses can become more sustainable and hit net-zero commitments.
In conclusion, businesses that want to appeal to millennial and Gen-Z audiences who prioritize sustainability, vegan diets, and gluten-free diets can adopt a variety of strategies, including implementing a traceability system in the manufacturing process, offering a wide range of vegan and gluten-free products, and demonstrating a commitment to sustainability through environmental initiatives.
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