I continually read articles, especially in the food business, about marketers targeting by demographics – quantifiable statistics (subsets) of a given population. I call these demographic labels buckets!
The number one demographic group (a.k.a. bucket) that receives all the buzz are the Millennials. Approximately 80 million strong and growing; by the year 2030 it is estimated they will outnumber non-Millennials by 22 million (source: The United Nations Department of Economic and Social Affairs). Operators in all restaurant segments are fixated on this group. Specifically they are planning their concepts to comply with their all-day eating behavior – convenient, healthy/fresh food with a dash of indulgence for their late night munchies. Another group that is gaining prominence is the Latinos. In addition to their rapidly expanding population (53 million strong), marketers project their spending power will reach $1.7 trillion by 2017. Restaurant experts also point out Latinos tend to eat out in larger groups.
The newest “Bucket du Jour” that I just read about are labeled IndieWoman. They are women 27 and older, who live alone and do not have children; approximately 31 million strong. They spend an estimated $50 billion annually on food and beverage. Based on their lifestyle, they suffer from time deprivation, thus have little time to cook. They are very health and budget conscious, but on a whole they visit restaurants less frequently than men, so price/convenience will be their driving touch points when it comes to making dining decisions. Dating too!
What is the label on your bucket?