Report: Millennials will pay more for premium products

“By paying attention to the specific demands of millennials — the United States’ largest living generation — manufacturers can wisely reformulate or reposition existing products and expand product portfolios to meet the growing demand for natural, organic, and otherwise “premium” products.”

Source: www.fooddive.com

Dive Brief:

  • A new report by Maru/Matchbox shows millennials are the primary consumer group pushing sustainable and local “premium” offerings into the mainstream, according to Marketwired. This shift is driven by key behaviors: Their passion for premium products, a willingness to pay more for them, more trust of local products, sharing food interests on social media, and deep value of choice and convenience.
  • About 61% of millennials expect food to be GMO-free, the report found. There are 68% who will pay more for organic foods because they feel like buying from this category improves their health and the environment.
  • “Millennials are discerning consumers, and they are increasingly willing to pay a premium for brands and products that embody their preferences for authenticity, transparency and responsible ingredient sourcing,” Matt Kleinschmit, managing director of consumer & shopper insights…[read the full article at www.fooddive.com]