Major brands like McDonald’s, Wal-Mart, and Budweiser are zooming in on millennial consumers.
Some are taking drastic measures to attract the young generation, and for good reason.
By 2020, 30% of all retail sales will be to millennials, said Robin Lewis, CEO of “The Robin Report” and co-author of “The New Rules of Retail.”
“Every brand and retailer had better be re-positioning their offerings and shopping experience to cater to the generational onslaught of the millennials, soon to put to shame the once vaunted purchasing power of the boomers,” Lewis said.
Here’s how some of major brands are wooing millennials.
AdAge's Maureen Morrison says that this is a major push to go after an increasingly important demographic that favours 'fast-casual chains over fast-food chains and values convenience, premium ingredients, choice and healthier offerings.'
This spring, McDonald's launched an ad campaign for the McWrap in effort to attract more millennials to the fast-food chain.
McDonald's launched a new breakfast sandwich with egg whites in hopes of drawing more health-conscious consumers -- including millennials.
The sandwich has 40 fewer calories than the original version, and is served with white cheddar, which also gives it an artisan feel.
'We want to strengthen and be really clear and focused on our brand positioning as the brand for millennials,' CEO Greg Creed told the Huffington Post. 'And a kid's meal is just inconsistent with the edgy, left-of-center millennial brand.'
The last kid's meal will be served sometime in January 2014.
Aero is taking its new image one step further by launching a new mobile app and in-store iPad kiosks, aimed at making the brand more easily accessible and improving engagement with the teen consumer base.
The technology will also be a vehicle to 'tell a story' which is important when selling a product to millennials, according to Jacob Hawkins, Aeropostale's vice president of e-commerce.
General Mills announced it will drop 'Hamburger,' and the decades-old brand will be known as 'Helper' from now on.
It will be marketed with a new slogan: 'Need a dinner idea, we're here to help,' and plans to use social media to capitalise on young people, especially men between the ages of 18 and 30.
The grocery chain has already successfully attracted millennials.
Whole Foods is following in the lead of retailers like Neiman Marcus, offering rare items at the top price range of categories in stores located in affluent zip codes. The occasional millennial shoppers feel like they're getting a taste of the good life.
The department store began catering to millennials last fall -- a demographic very different from the Baby Boomer generation that typically shops there.
The brand is launching or expanding about 20 new brands to appeal to the audience, according to MarketWatch.
'This is phase one. We're serious about this and we're aggressively going after this consumer. This is not a test,' said Molly Langenstein, executive vice president and group merchandise manager for Millennial, a position that was created specifically to support the millennial business focus.
The test restaurant, near Louisville, KY, will only serve boneless wings.
That decision was reportedly made in an effort to cater to customers in their 20s and 30s who are accustomed to eating chicken nuggets.
The move is part of a 'Walmart on Campus' initiative to draw millennials.
Advertising Age notes that this small-store format is one the chain also could use to branch into its untapped urban markets with large millennial populations, like New York City.
Bloomberg Businessweek reported that the microwaveable turnover maker, owned by Nestlé, is targeting its ageing core customers -- teenagers and young adult men -- with retooled sandwiches that taste better.
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