Roughly 20% of the UK’s population is from Generation Y
Demographics change with time, and keeping in tune with generational trends is an important part of staying ahead in the London restaurant property agency industry, for both landlords and operators.
Here, we examine a generation growing in purchasing power and confidence, looking at what Millennials want from their dining experience.
Roughly 20% of the UK’s population is from Generation Y: those born between the 80s and the early 00s. So from teenagers spending pocket-money on the weekend, to young professionals finding somewhere to relax after work, this generation is a broad, hungry market that restaurateurs should be targeting.
This is especially obvious when we consider that by 2020, Millennials will be 75% of the UK work force and so will wield huge spending power in the restaurant and leisure markets. It is crucial therefore that everyone in the industry, from agents and landlords to operators and executive chefs, understands this emerging demographic.
One trend of Millennials is their desire for speed. For nearly half of them, speed of service is the most important thing when eating out for breakfast and lunch.
This need for speedy service can be explained by two factors. The first is Millennials’ current position in the career arc. In intern, junior or lower management positions, Millennials are dashing out to grab lunch and need it given to them quickly.
The second is that children of the 90s and 00s are used to technology making their experience of purchasing services and products efficient and fast. In their eyes, there’s no reason this trend shouldn’t be extended to food.
Millennials largely expect technology to be part of their dining experience and paying with your phone is becoming increasing popular: and not just in restaurants. 40% of E-commerce sales are made via mobile devices, and you can now pay for the tube with your phone.
It is no surprise then that there are already a plethora of apps which let you pay your restaurant bill with your phone. TabbedOut, Dash and Cake are fighting it out to be the top payment app, and catering for this trend is a must for operators looking to attract millennial diners.
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