- This month, Ferrero's Tic Tac is revealing a new Tic Tac Mixer, a product meant to be more exciting for the millennial crowd.
- Mondelez announced Tuesday it's renewing its global partnership with Facebook, working to capitalize on social media trends like video consumption and mobile commerce. "Facebook is the number one player in mobile, and its ability to reach millennial consumers, our primary target audience, is what makes our partnership so invaluable," says Cindy Chen, Mondelez's global head of e-commerce.
- According to consulting firm Accenture, by 2020, millennials will spend $1.4 trillion a year, and over the next several years, millennials should inherit about $30 billion. Some of that money will be allocated to savings and retirement. But a significant portion of that consumer spending will be dedicated to industries like food and beverage, as millennials spend billions of dollars on food and are predicted to continue to spend more in the future.
Food companies and marketers must toe a fine line when trying to attract millennials with new products, labels, and advertising campaigns as this generation has been overgeneralized, to the dismay of millennials.
More generally, processed foods companies, some of which are hurting in sales, are changing out undesirable ingredients for healthier ones as consumers, driven in part by the millennial generation, demand healthier and fresher foods. Larger food companies are also acquiring smaller health foods brands to help their image, particularly with millenials, as well.
However, other analysts wonder what the cost may be to companies that overlook GenX and boomers in favor of millennials. Though the millennials make up more of the workforce, they are less wealthy and hold more debt due to enduring effects of the recession and student loans.