Industry experts estimated U.S. Millennials’ annual expenditure at 600 billion U.S. dollars in 2013 and expect this spending to increase to 1.4 trillion U.S. dollars by 2020.
The majority of Millennials make between one and three grocery shopping trips per week. They also have a higher affinity towards mobile and online shopping than any other generation. While shopping, the presence of affordable products is a very important factor in choosing the shopping location, as 59 percent of Millennial consumers stated in a recent survey. In comparison to other cohorts, Millennials were the least likely to use a shopping list, but the most likely to purchase organic dairy products and frozen foods, and have an active food and beverage subscription.
Compared to their parents and grandparents, Millennials have different preferences and attitudes towards the foods they choose to consume. Whether it is for environmental reasons, health reasons, or ethical reasons, Millennials are the most likely to follow a meat-free diet. In 2016, about 12 percent of Millennials in the United States were vegetarians, compared to five percent of older adults. Millennials are also the most willing to pay more for food that offers benefits beyond basic nutrition. A high protein diet is also more important for younger Americans than older generations.