Future of Fast Food
- 1. The future of... Fast food for Urban Millennials Maryellis Bunn & Patricia Schoenbach Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 2. Economy Te c hn ol og 3 y Government Forces Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 3. Te c hn ol og y Millennials are tech-savvy multi-taskers... on the go..mobile “Millennials switch their attention between media platform 27 timers per hour on average” 1 “72% of consumers aged 20-40 in the US and UK use mobile devices while in-store to compare prices” 2 “Not afraid to purchase food online and to look outside of the traditional grocery store to find what they want” 3 - Forbes “85% of mobile consumers use their phone while shopping in-store” 4 Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 4. Examples: Mayor Bloomberg large soda ban Mandating fast food establishments to display calorie information “Pinkberry’s signature product, Swirly Goodness®, ran afoul of the law in California for marketing itself as all-natural yogurt. California asserted that it was neither all-natural (indeed, it has artificial colors and flavors) nor yogurt, which according to that state’s laws must be made from milk fermented with particular bacteria and mixed offsite” 5 GOVERNMENT REGULATIONS Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 5. ECONOMY Economy “Research shows in the year ending July 2012, millennials ate out 203 times annually — 49 times or 19 percent less than they did in the year ending July 2007, according to the NPD Group” 6 “60% (Millennials) feel their generation is being dealt an unfair blow because of the recession” 7 “Millennials still prefer cheaper food, and want it to be convenient. But they are also more willing to pay for fresh and healthy food, and are willing to go to great lengths to find it.” 8 - Forbes Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 6. Economy Te c hn ol og y Government Main Trends Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 7. PORTABILITY Kobe Beef FrankLollipops Jamba Juice to go food Via pintrest package design Campbell’s GO Honey Pax McDonalds McBites Justin’s Snacking Bite Size On the go Innovative packaging Food as an accessory Extension of personal style Sabra hummus and pretzel pack Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 8. LOW LUX Trader Joe’s Starbucks Verismo Populence NYC Populence NYC Iconic Hand Rolls NYC Gourmet expectations Affordable More for less Price awareness Available 24/7 Missoni and Coca-Cola Wolfgang Puck Frozen food Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 9. TRANSPARENCY McDonald’s Transparency campaign Domino’s pizza Honest Tea Need to PROVE your brands Authenticity Ben and Jerry’s Fairtrade Local Fair trade Ingredient sourcing Brand morals Product life cycle Prop 37 Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 10. ENERGY Ostrich Pillow by Kawamura-Ganjavian Protein Health Added benefits Raw Sleep Green Organic Avenue juice cleanse Kusmi Detox Tea Starbucks Refreshers Argo Retail Tea Instagram post #energy Chobani Yogurt store NYC Mate Shot Social Cleanse Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 11. ORTAB T Economy NS RA ILITY PAR Te chn EN EN ol og ER CY GY y Government OW LUX L Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 12. PEPSICO Worlds second largest food and beverage business Global Head Quarters Purchase, NY 1893 Brad’s Drinks 1898 Introduced as Pepsi-Cola PepsiCo Develops World’s First 100 Percent 1961 Pepsi PlantBased, Renewably Sourced PET Bottle Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 13. INSIGHT Millennials food consumptionis a moving target, both literally and figuratively. Food Brands that want to connect with this demographic need to: Save them money. When Millennials walk into grocery stores, restaurants, fast food chains, and delis they are looking for the best quality at the most affordable price. Brands need to keep quality high while keeping cost down, in order to secure the a Millennials purchase. If a brand can offer deals where they “get more for less”, the company’s product is more likely to be purchased. Save them time. Urban Millennials live busy and hectic lives. They are on the go and constantly connected to their mobile devices. Brands not only need to insure that their products are portable, but implement services to save customers time. Such as mobile apps for ordering, virtual shopping, etc. Give them freedom. Millennials are more likely to buy a product when it correlates to their own taste. When Millennials have the opportunity to make choices and personalize or interact with a product, they are most likely to return. Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 14. INSIGHT Makeit fun. If you want Millennials to talk, post, share, and “like” your product you need to give them something to talk about it. Make your product fun and exciting . Make it personal and unique. Millennials are more likely to take advantage of a product when it con- nects to their personality and lifestyle. Through the research of past purchases, brands can partner with retailers to attract Millennials’ attention and distribute tailored messages via apps and social media site. This will increase brand awareness. Make it different. Millennials are early adopters, risk takers, and adventurous individuals. They are curious and motivated to try products and flavors they are unfamiliar with. The more exotic and extreme the better. Make it multichannel. The routes to product purchases are shattered. Millennials consume food via different distribution chan- nels. Brands have to take advantage of attracting Millennials by linking online and offline channels. Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012
- 15. THANK YOU! Maryellis Bunn& Patricia Schoenbach Analyzing Trends Fall 2012
- 16. Sources 1. “Study: Young Consumers Switch Media 27 Times An Hour.” Accenture. N.p., n.d. Web. 09 Dec. 2012. 2. “Accenture Newsroom: With Mobile Devices in Hand, Consumers Visit Stores to Compare Prices But Nearly Half Make Their Final Purchases Online, Accenture Survey Shows.” Accenture Newsroom: With Mobile Devices in Hand, Consumers Visit Stores to Compare Prices But Nearly Half Make Their Final Purchases Online, Accenture Survey Shows. N.p., 19 Nov. 2012. Web. 09 Dec. 2012. 3. Hoffman, Beth. “How ‘Millennials’ Are Changing Food as We Know It.” Forbes. Forbes Magazine, 04 Sept. 2012. Web. 09 Dec. 2012. 4. “Eight Studies That Reveal How Shoppers Use Smartphones In-store.” Econsultancy. N.p., 05 Dec. 2012. Web. 09 Dec. 2012. 5. Vesley, Kim. “The New York Observer GA_googleFillSlot( “Obs_Article_Bookend_Top_right” );.” Observer The Food That Ate Manhattan The Implacable Rise of Frozen Yogurt Leaves UsCold Comments. N.p., n.d. Web. 09 Dec. 2012. 6. “Economy Stinks for Many, but It’s Crushing Millennials.” Life Inc. N.p., 12 Nov. 2012. Web. 09 Dec. 2012. 7. “Recession Generation? Young Adults Brace for Simpler Lifestyle - USATODAY.com.” Recession Generation? Young Adults Brace for Simpler Lifestyle - USATODAY.com. N.p., n.d. Web. 09 Dec. 2012. 8. Hoffman, Beth. “How ‘Millennials’ Are Changing Food as We Know It.” Forbes. Forbes Magazine, 04 Sept. 2012. Web. 09 Dec. 2012. Maryellis Bunn & Patricia Schoenbach Analyzing Trends Fall 2012