Millennials Emerge as a Dominant Consumer Demographic
Guiding BIIC Solutions, Jason LeVecke has more than two decades of entrepreneurial experience spanning the US and Mexico, with a focus on franchise operations. Having developed a major restaurant franchise, Jason LeVecke has in-depth knowledge of what it takes to build a viable entrepreneurial venture in an evolving marketplace.
In restaurants and other retail settings, demographics are shifting fast, with millennials now outnumbering Baby Boomers and representing a new breed of digitally connected customers. Entrepreneurs who are able to identify millennials’ rapidly changing preferences are those who succeed and this includes staying in touch with the social media networks through which new products and brand preferences are shared.
In general, millennials are more socially aware and tend to choose brands seen as benefiting the community and environment. This is not exclusive to smaller brands, as the growth positive experiences of brands such as Whole Foods, Target, and Trader Joe’s have demonstrated. An equally compelling trend is in providing value for money, without compromising quality. Those brands that are able to stand out provide both an alternative to the status quo and a quality differentiator.