FOOD - BeefResearch...Tech enhanced, supported by an online community of other new parents, and...

FOOD:

02.04.2015

Ypulse | Fidelity Investments | Millennial Money Confidential

Millennials are Different Millennials are Changing the Status Quo Millennials as Parents Millennials and Food Millennials and Beef

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What determines the nature of a generation? Parenting styles prevailing philosophy on how children should be raised Events that occur during their childhood and society’s reaction Events that occur as they come of age and their personal reactions

Generational Theory


Born 1943—1960 (age 54 to 71) Childhood Era: American High Coming of Age: Consciousness Revolution

Boomers grew up as the increasingly indulged children of a post-crisis era, came of age as young crusaders, focused on

morals and principles in midlife, and have emerged as elders hurtling toward crisis

Boomer Generation


Born 1961—1979 (age 33 to 53) Childhood Era: Consciousness Revolution Coming of Age: Culture Wars / Long Boom

Generation X

X’ers grew up as under-protected children, came of age as alienated and risk-seeking adults, have become pragmatic midlife leaders during

crisis, and will age into resilient post-crisis elders


Born 1980—2000 (age 10 to 32) Childhood Era: Culture Wars / Long Boom Coming of Age: 9-11 / WIA / WII / Great Recession

Millennials

Millennials grew up as treasured and special during a time of prosperity, came of age as team-oriented young optimists during a time

of crisis, will emerge as energetic, overly-confident midlifers, and age into politically powerful elders

A GENERATIONAL TSUNAMI

8

2800

3225

3650

4075

4500

1950 1954 1958 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010

Live Births in the US

Boomers Xers Millennials

Source: U.S. Census Bureau, Population Division

WITH RICH DIVERSITY

Source: Pew Research Center

61%

68%

77%

84%

19%

14%

9%

4%

13%

14%

12%

11%

4%

3%

2%

1%

2%

1%

WHITE HISPANIC BLACK ASIAN OTHER

All groups (other than Hispanic) are non-Hispanic. Race/ethnicity of Silents in 1963 is a Pew Research Center estimate.

Millennial in 2009

Gen X in 1995

Boomer in 1978

Silent in 1963

Race/Ethnicity, ages 18-28

A Global Phenomenon

Culture is converging, worldwide – Parents are raising children the same – We all watch the same movies – We all read the same books

With Globally Shared Experiences

* Howe & Strauss Howe & Strauss

Special Sheltered Confident Team-Oriented Conventional Pressured Achieving

7 Core Millennial Traits

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Parenting Technology Power Inversion

The “Why” Behind the “What”

Ypulse | Fidelity Investments | Millennial Money Confidential 17 Source: PEW Research, Millennials Report 2010

1 Technology Use (24%) 2 Music / Culture (11%) 3 Liberal / Tolerant (7%) 4 Smarter (6%) 5 Clothes (5%)

1 Technology Use (12%) 2 Work Ethic (11%) 3 Cons. / Traditional (7%) 4 Smarter (6%) 5 Respectful (5%)

1 Work Ethic (17%) 2 Respectful (14%) 3 Values / Morals (8%) 4 “Baby Boomers” (6%) 5 Smarter (5%) . . . 14 Technology

Millennials Boomers

Q. What makes your generation unique?

Gen X


What a generation does with technology reflects its core characteristics…

The Millennial Timeline

For a 22 year old today…

Know - How & Encouragement to Re -Think Everything

The Beef Industry

Consumer

The Beef Industry + Millennial Consumers

Other Consumers

The Power Inversion

2

Millennials

Boomers Xers

Millennials Influence Each Other (as well as other generations)


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A new generation of parents is emerging that is hell bent on trying to give their children an even better life than they had, despite the odds. Tech enhanced, supported by an online community of other new parents, and rejecting some of the ways they were raised, older Millennials are disregarding judgment and writing their own rules for the modern age of parenthood. That is, once they decide to actually have kids.

NEW PARENTS ON THE BLOCK

of Millennials over age 18 [ and 24% of those 25+ ]

90% of Millennials are

thinking about becoming

parents in the future

intend to have children or are

trying now

64%

14 % MILLENNIAL PARENTS ON THE RISE

are currently parents

HOW MANY KIDS?

On average, Millennials say they want between 2 and 3

kids [ 2.6 ]

Current Millennial Broods:

53%

39%

7%

2%

BOOMER V MILLENNIAL PARENTING

Millennials in general enjoyed their childhoods, so it’s no wonder that they’d want to replicate some of it by giving their own children the same encouragement to be unique. The next generation will likely have a similar “I’m a snowflake” mentality, but there are certain things Millennials plan to do differently.

94% feel it is important

their child(ren) know they are

special or unique

3/4 agree that “there are

things my parents did while raising me that I will make an effort not

to do with my own child(ren)“

57% say they are trying

to give their child(ren) more

freedom than they had growing up

86% of Millennials are

trying or will try to avoid being a

“helicopter parent”

62% of Millennial parents

would rather their child be practical than a dreamer

70% would rather their child(ren) excel in math and science, while only

6% would prefer the arts [ 13% Females; 1% Males ]

52% of current and future

parents have or will let their child(ren) play

unsupervised

HALF of Millennial parents

regularly have someone other than them or their partner

watching their child(ren)

86% of Millennials would want to stay home with their children if they could

WHO IS WATCHING? 36% family | 9% daycare | 5% nanny / babysitter

WHO THEY TURN TO FOR PARENTING ADVICE

PEOPLE THEY KNOW

EXPERTS

56% friends who are parents 52% spouse / partner 51% own parents 33% other family

2nd 32% pediatrician 24% parenting books 20% parenting magazines 12% teachers

ONLINE SOURCES 3rd 42% parenting websites / blogs 20% online forums 10% social media

1st

SPOTLIGHT ON: MILLENNIAL DADS

17% of Millennial dads stay at home with their kids

Only 6% of Millennial males say they do not want kids, compared with 11% of females

Males are more confident than females [ 90% vs 72% ] in their ability as parents to provide more for their kids than they had growing up.

85% of Millennial dads would stay home with their kids if they could

NICHE MAINSTREAMING

71% breastfeeding

45% making

homemade baby food

29% teaching their kids

sign language

gender neutral attachment parenting

17%

Millennial parents are currently or plan to be:

39% co-sleeping

“I won't force gender upon my children.” –Male, 19, NY “One of my top concerns is upholding gender-neutral parenting.” –Male, 22, NY

What was once considered alternative parenting is now considered normal by Millennial standards. Niche parenting is mainstreaming, and Millennials are leading the pack.

PREPPING THEIR KIDS FOR A SOCIAL MEDIA FUTURE

16% of young parents already have an

email account for their child

14% have a

Facebook account for

them

6% have an

Instagram account for their

child

Average age Millennials say is appropriate for their kids to:

Have a Facebook profile

Play with a tech device

Have their own tech device 5.9

11.2 13.3

There is a disconnect growing between what Millennials think is appropriate parenting and what actual parents today resort to. All too often young kids are seen affixed to screens, but since young parents remember their childhoods without devices, many desire to keep their kids in an unplugged environment. At the same time, since usernames fill up by the moment, they’ve planned ahead with their kids in mind. Millennials are also eager to share their new adventures in parenthood on social media (on their own profiles for now) and they are too reliant on tech themselves to truly keep it out of their kids’ hands for long.

Over 1/3 of Millennial parents have…

Changed their profile picture to one of their child Dressed their child up to post on social media Done a photo shoot to post on social media

32% of Millennials say that almost everything they post on social media is about their child(ren). Baby announcement photos have taken on trends of their own, from Pinterest-inspired shots to choreographed video stunts.

But, why are of Millennials 25+ not having kids yet? 76 %

55%

55%

41%

38%

31%

30%

28%

PAUSE ON PARENTHOOD I don’t want kids before I’m married

I don’t have enough money saved

I haven’t met the right person

I’m too young

I don’t want to interrupt my career

I don’t want to give up my independence

I’m too selfish

IN THEIR WORDS:

“My wife and I both want to finish graduate school.”

–Male, 24, PA

“Haven't been married long enough. Haven't done all the things we want to do first.” –Male, 25 VA

“I have a lot to accomplish—academics, career goals, travel destinations—before I settle down and look after someone else's interests.” –Female, 25, PA

SELFISH REASONS FOR NOT HAVING CHILDREN YET “Not sure I even

want kids because of my (potential) career field.” –Female, 16, MO

“Home improvement projects. Vacation to Europe.” –Female, 26, ME

63% of Millennials think

that the lives of parents should

revolve around their child(ren) But most aren’t ready for

this type of responsibility or commitment

MILLENNIALS ARE CHANGING WHAT NEW PARENTHOOD LOOKS LIKE BY:

+ Making an effort to be different than their parents + Pushing niche methods into the mainstream + Prepping their kids for a social media future + Maintaining practical lifestyles and households + Creating localized and personal online communities + Holding on to independence / waiting until it’s right


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IS FOOD THE NEW STATUS

SYMBOL?

54% of Millennials 21-32 years-old would rather have dinner at a new restaurant

than buy a new pair of shoes [ 61% of 21-24-year-olds ]

IS FOOD THE NEW STATUS SYMBOL?

52% of Millennials 21-

32-years-old would rather go to a food

festival than a music festival

44% of Millennials have posted a photo of food or drinks that

they or someone else was having on social media

Only 29% have shared a photo of new clothes or accessories purchased

19% of 21-24-year-olds

have borrowed someone else’s food to take a picture of it and post on social

media 9%

of 30-32-year-olds have bought food to post a picture of it

on social media, but not even eaten it


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When preparing meals, Millennials’ primary considerations are convenience, taste and reasonable prices. They look for one or all of these when shopping for meals.

Millennials are very health conscious and appreciate options for nutrition preferences. While Millennials might not initially think of beef as a “healthy” food choice, many of their health considerations map to what beef provides and they do see beef as fitting into a healthy lifestyle

Millennial consumers feel overwhelmed with all there is to know about the various cuts and preparations. They do not feel 100% confident in their beef knowledge. They don’t view store employees behind the counter as experts or really wanting to assist them.

When it comes to shopping for beef in the grocery store, convenience and relevance is key. Millennials want shortcuts that make shopping more efficient and practical.

They are impatient, using their mobile phone for creativity, efficiency, and savings, and they’re eager to try new apps/offerings that deliver on this aspiration.

CHICORY

One of the big tech startup waves of the moment (usually a good indication of what more consumers will be clamoring for soon) is using smartphone technology to tackle traditional chores, and make them close to obsolete. These companies are making to-do lists automated and ushering in the potential end of errands.

INSTACART

THE END OF ERRANDS

54% have gone to a store intending to buy something but left empty-handed because the checkout line was too long

Millennials like to experiment in the kitchen and therefore expressed a desire for recipes that would add an extra twist to their meals and provide new inspiration. Brands in a specific food niche (like beef) have an opportunity to provide expert ideas on how to experiment with recipes and take a new twist on their product

Cooking is an activity that Millennials gravitate towards because it is a creative outlet that allows them to express themselves. Additionally, they are more likely to share content with which they feel a deep, personal connection

Both cooking and eating are collaborative experiences. For those in a relationship or family, everyone plays a role in both influencing the decisions as well as bringing the meal to life

Millennials gravitate toward reliable ‘go-to’ beef meals because it’s risk-free, easy and saves time - but they are open and wanting more meal ideas and creations

Whether they are new to cooking or more experienced, Millennials want more resources and written information to help them boost their cooking expertise

Millennials live in an ‘age of not believing’ which is why they place high value in clear, objective research findings and data and their desire for more information spawns from a sense of uncertainty and insecurity

While other protein sources are sought after for their health benefits, beef remains on top in terms of preference and taste

Millennials want better prices, more packaging options, and healthier beef selections. They also want ideas to help them be more successful when cooking, such as adding recipes, recommendations or spices that are packaged with beef

When possible, Millennials would prefer to eat leaner beef cuts because it has less fat. Price prevents them from purchasing these cuts more often because they are more expensive

Beef is towards the top of the list for meat options in terms of taste and satisfaction. Millennials enjoy eating beef but are turned off by some the perceived negative health associations linked to it

When looking for cooking information on steak, they turn to the internet for the range of options and their family for familiar and nostalgic recipes. They are open and interested in new recipes to cook their steak

Steak preparation is not consistent. Millennials recognize that there are many factors that dictate the end result of the steak: cut, fat content, seasoning, temperature, and preparation all play a role. They are less confident about their ability to master these

Specific to the cut, they want a thick, tender cut that is red in color and has some marbling to add to the flavor. Seasoning is essential for a great tasting steak, but needs to be used in moderation. Seasoning/marinating “fails” happen mostly when it overpowers the steak

Steak is at times considered a splurge food, so when they eat it at its best, they want to go “all-in” and indulge. Steaks prepared by others are given an “A” on taste, but steaks made by Millennials themselves are graded lower

Millennials are eager to master new skills, many are very knowledgeable and passionate about what is needed for a great tasting steak

FOOD:

02.04.2015

FOOD - BeefResearch...Tech enhanced, supported by an online community of other new parents, and...

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Transcript of FOOD - BeefResearch...Tech enhanced, supported by an online community of other new parents, and...