Millennials, or Generation Y, hold a huge buying power in today’s economy and are expected to spend billions upon billions before the end of this year alone (2017). It’s really important for brands that are trying to reach millennials to understand our (yes, I’m a millennial too) influences and purchasing habits. According to Forbes:
- Over half of millennials make an effort to buy products from companies that support their cause.
- Millennials are twice as likely to care about whether or not their food is organic.
- Millennials are more environmentally concerned and are more supportive of the sustainability agenda compared with previous generations.
Basically, we millennials want real, less processed ingredients, natural and nutrient rich products produced in a sustainable manner (not an easy challenge!). We are even prepared to pay a little extra for these demands. Let’s look at some more statistics:
- 73% of millennials say they try to buy products in packaging that is recyclable.
- 59% say they look for beverages in packaging that is made with renewable materials.
Having said all this, it is important to understand what the unmet needs of the market are so companies can maximise and focus their innovation. None of these stats should come as a shock to the food and beverage industry. But the challenge is staying on top of this research. So how can companies use technologies to climb the learning curve of what consumers are looking for, and how they can make it easier for them to be sustainable?
Watch and learn
At Cambridge Consultants we are looking at technologies that can help brands to automate capturing consumer insight. We are demonstrating a system that can capture emotions of people after drinking a glass of wine that they have created with our Vinfusion wine blending system. This uses existing technologies such as an emotion recognition API and machine learning technologies, all of which can be implemented at low cost.
We are also demonstrating a smarter recycling concept, which helps consumers to recycle properly, whilst providing brands with information about the end-of-life journey of their products. This uses machine vision and machine learning to identify the waste material so it can direct the consumer to recycle properly.
We will be demonstrating these technologies at DrinkTec 2017 in Munich. So if you are visiting come and visit us at stand number 213 – Hall A1 for more information. As an added bonus, you also will have the opportunity to create your own wine blend.