Reinventing Consumption Strategies for the Millenials

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Millennials, by and large, are credited for being the ones who are out to “change the world.
  • Reetika Bose
Restaurant India

There is no denying that the Millennial demographic groups are very much on the radar of the hospitality industry at the moment. Whether they’re staff or potential customers, they really are becoming a priority across the whole sector.

Understanding the need of the consumers and millennials in particular is the need of the hour. Millennials are vocal and this differentiates them from the customers. With the amplification of social networking, every consumer is a potential broadcaster. Unstoppable forces of demographics, changing values and hyper connectivity will be changing the rules of consumption in the near future.

Commenting on the same, Sanjay Sharma, CEO, MTR Foods said,” As a legacy brand, getting to the mind of the millennials is what our brand is focused on. One may not be able to personalise the product but certainly the experience.”

What Will We Be Eating?

Millennials eating habits are very different from their parents.  They have a strong prefernce for convenience an eat at restaurants more than any other generation. What is surprising is that unlike other age groups, millennials continue to eat prepared foods even as they grow richer.

Brands earlier used to be inspirational in nature. With the millennial drive in the industry, they have changed this theory. “Be associated with brands that has responsibility towards its people”, added Sharma.

Millenials can recognize the changes and act accordingly with their tastes and preferences. Today, you can individualise and conceptualise your products which was earlier not possible. “At MTR, we try to recognizes these changes and cater to the needs of the millenials”, said Sharma.

The Surrounding Challenges

Just as consumers change, brands too have to change. The emergence of millenials is going to change India. The change has to be rapid with the change in consumer norms. Talking about the Food Industry, Sharma said,” The change will be dramatical.”

“Earlier generation used to spend more time in the kitchen whereas Indians today are unable to mange with the fast moving world. I have been craving for consumers to say convenience”, added Sharma.

Moving to the Values

FMCG companies should work more closely with retailers. In India, access to information is a revolution in itself. Everybody has an access to real time information. Undoubtedly, influencing is more important than communicating. Big players in the industry should create experience and maintain the balance.

Vikram Agarwal, MD, Greendot Health Foods said,” One person’s outlook is thousand people’s experience. “

Mass Markets of the future will be driven on 3 fundamentally different principles: trust, values and personalization. Consumer brands and retailers can appeal to future consumers and leverage new technology-enabled ways to influence and sell.

“Today, it is difficult to understand who are your consumers and to whom are you selling your products”, added Agarwal.

 

The inputs were taken at the FICCI Annual Summit ‘MASSMERIZE’ conference.

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