At the beginning of 2015, we released our annual Top Trends
; and we assessed the number one contributing factor to the restaurant industry this year to be Millennials
. We know that Millennials are trendsetters; but studies are showing they are also picky and frugal. This round of of articles examines what is being called "The Cheapest Generation" and how that effects our economy. There's been an index devoted to how this, one of the largest generations, has the power to effect extensive change in various industries (see The Millennial Disruption Index
"The Cheapest Generation", The Atlantic
"The Recession Generation", Forbes
"March of Millennials", Washington Post
(*Note the mention of restaurant growth!)
"10 Things Millennials Won't Spend Money On", Money.com
"Millennials Generation is Bigger, More Diverse", CNN
Read through the articles. How are you making concessions for the most influential sect of your audience also potentially being the stingiest? Each of these articles confirms our predictions at how Millennials can have a profound impact on industry--ours, and others. Consider closely what Millennials will spend money on, and how the group is shifting society from spenders on quantity to spenders on quality.
How can we help you? Do you need assistance adjusting your business plan for this shift in spending mentality? Contact us
today and ask a question for free.