Growth is on the horizon, and the new trends revealed in What’s in Store 2016 will help retailers to prepare.
The annual trends research report from the International Dairy-Deli-Bakery Association (IDDBA), What’s in Store 2016, has revealed that Millennials will be moving into the heaviest spending life stage over the next 10 years. Millennials currently tend to shop less but they spend more per trip than older generations.
Retailers will soon be faced with the opportunity to build trust, attract and retain Millennial shoppers through long-term strategies that focus on personalization, education and value. This trend is one of many examined in What’s in Store 2016.
Other findings from the book’s Consumer Lifestyles section include:
- Retailers can best reach Hispanic American shoppers by focusing on “family” and “celebration” and engaging with them via technology, of which they’re heavy users.
- Millennials are shopping convenience stores at a growing rate: 11.1% in 2014, compared to 7.7% in 2006. This is one example of Millennials’ preference for shopping in non-traditional retail outlets, where they now make the majority of their food purchases.
- Transparency continues to be an important purchasing consideration among Millennials. “They now believe that their purchasing decisions have a greater and lasting impact on society than voting does, which is the opposite of boomer consumers,” Laurie Demeritt, CEO, The Hartman Group, told IDDBA.
- Single-person households represent 28% of all homes, while 47% of all eating occasions involve people eating alone. Both trends illustrate the importance of offering single-serve, fresh food options and convenience.
With 30 years of credible reporting, What’s in Store is an essential dairy-deli-supermarket foodservice-bakery-cheese resource providing vital data on the retail and market trends, growth and category changes shaping the food industry. IDDBA also offers What’s in Store Online, a collection of 150 downloadable tables, as well as white papers and trends articles.
A secondary research report, What’s in Store is developed through both interviews with industry experts and sourcing of third-party data and trends.
“Given the shifting demographics and purchasing behaviors of today’s shoppers, it’s imperative that retailers understand the evolving dynamics of today’s retail food landscape,” said Eric Richard, education coordinator, IDDBA. “What’s in Store 2016 provides supermarkets and grocers with the research and data trends needed for successfully connecting with their customers.”
