As a whole, Generation Y will collectively spend more than $200 billion annually starting in 2017 and $10 trillion in their lifetimes, a significant portion of which will naturally be on foods and beverages.
Generation Y, also known as the Millennial generation, can be a difficult group to quantify. Truth be told, precise definitions of its time span vary from researcher to researcher, with some saying it began in the late 1970s, others contending it did not begin until the mid-1980s, and its ending occurring at various points in the early 2000s. Regardless, it is a sizable demographic, of no less than 76 million consumers and possibly closer to 100 million, and one with an equally notable spending power. Advertising Age, defining the generation as those between 17-34, predicts the group will collectively spend more than $200 billion annually starting in 2017 and $10 trillion in their lifetimes, a significant portion of which will naturally be on foods and beverages.
In a study of more than 1,000 consumers, Y-Pulse and The Culinary Visions Panel conducted research to understand the factors that drive snack purchase decisions for consumers in different age groups and life stages. They opted to investigate snacking behavior because younger consumers, in particular, eat more small meals or snacks throughout the day, rather than traditional meals favored by prior generations. The study evaluated snacking behavior and motivation across nine different away-from-home segments.