Understanding the attitudes and behaviors of young adults, a generation also called 'millennials', is the key to unlocking opportunities in consumer packaged goods markets both now and over the next 30 to 40 years. Young adults can be difficult to target as this age group includes vast differences in age, lifestyle, financial power, and life goals. However, there are three universal characteristics young adults share that should inform how to tailor product development and marketing campaigns to them. These are the rise of the niche, personalization and self-expression, and informal eating.
- The term 'millennials' can lead brands astray as they seek to target a consumer group with vast differences in age, lifestyle, financial power, and life goals. However, there are three universal characteristics young adults share that should inform how to tailor product development and marketing campaigns to them.
- Niche brands are becoming more popular, making it increasingly difficult for mass market brands. Brands need to forget the one size fits all model, and develop a broad range of products that are closely aligned with very specific consumer groups and needs.
- The desire to stand out from the crowd has been present among all generations in their youth, but increased disposable income and the wide array of developed retail channels, including online, means young adults today can spend more money on more products that reflect their identity and personality
- Informality has increased as traditional eating habits dwindle due to a lack of time, changing social attitudes and busy lives. This means the line between snacking and meals is blurring, new consumption occasions are being created, and consumers are looking for even better quality food despite wanting to minimize the amount of time spent preparing it.
Canadean's Grocery Shopping Habits: Examining the Attitudes of Young Adults report shows how brands and private labels can target young adults by examining how trends like value for money, convenience, craft, and social media are changing consumption habits. A complete overview of how and why young adults should be targeted is provided by analyzing what share of the market they account for, what unique characteristics unite this generation and set them apart from previous ones, and how these characteristics impact their day to day consumption decisions.
What else does this report offer?
- Analysis of what share of food and drink markets young adults account for, both globally and in select key countries
- Results from Canadean's 2015 global survey of young adults, providing insight into their attitudes and behaviors in areas such as health, new flavors, and brand loyalty
- Product examples showing how innovation leaders are targeting this vital generation
- Analysis of how the needs of young adults will evolve in the short-to-medium term future and recommended actions on how to adapt to these evolving needs
- A framework that helps target new product development and marketing campaigns at the unique characteristics young adults share
- Develop products which truly resonate with the young adult audience by understanding what unites, and differentiates them
- Know what steps you need to take to target this vital audience thanks to Canadean's unique knowledge of young adults' attitudes and behaviors, drawn from a global consumer survey
- Identify new markets for your brand to expand into by seeing how the attitudes of young adults vary from country to country