How Are Boomers and Millennials Affecting the Private-Label Snacking Industry?

Millennials and baby boomers are the two largest demographic groups in the U.S. today, but they have different preferences and attitudes when it comes to their snacking choices. Just how are these two age groups impacting the private-label snacking industry?

How Millennials and Boomers Are Snacking

According to IRI research, 32 percent of millennials are reducing their impulse snacking purchases but at the same time, 36 percent are snacking more frequently and 32 percent are taking snacks with them to school and work more often. They snack throughout the day, and 44 percent report eating snacks at home. Many report having three snacks per day.

Boomers, on the other hand, are making cuts in their spending as they move towards the fixed incomes that come with retirement. This means that they are more price-conscious than younger shoppers. Around 27 percent of baby boomers are cutting back on overall snacking spend, but 28 percent are more focused on sale and value-priced items rather than their favorite brands.

Eating snacks as meals at home is becoming the norm for all age groups, including 44 percent of millennials and 32 percent of boomers. Snacking across the day is also becoming typical, though millennials tend to snack throughout the day while boomers start snacking later and end snacking earlier. A large percentage of both millennials and boomers have at least three snacks per day:

Different types of products resonate differently with each age group. Millennials are driving the popularity of organic snack foods. They are also highly focused on snacks that include protein to keep them fuller, longer. Boomers, however, are more focused on gluten-free products and products that contain high amounts of fiber.

How to Capitalize on These Preferences With Private Label Snacking

Because you can’t be everything to everybody, it’s important to focus on products that can help capture both millennials and boomers. IRI says the snack industry will hit $200 billion at a minimum by the year 2020, with 60 percent of all sales coming from these two age groups.

Private label snack foods offer a unique way to communicate with, capture the attention of and build loyalty among shoppers. According to Snack Food and Wholesale Bakery magazine, stores should not ignore private labeling. By creating a brand story that millennials can connect with and providing them with clear, concise food labeling, they can capitalize on the values of millennials and capture their business before national bands catch on to new trends.

When it comes to baby boomers and private labeling, the issue at hand is typically value. Boomers don’t want to buy expensive snacks, they want a reasonable price and a good value. Private labeling can help communicate value, with a focus on clear packaging and concise labeling that lets the shopper make a fast, but well-thought out decision.

Success Requires the Right Private Label Snacking Partner

If you want to learn more about the ways in which private label snack foods can help you achieve your goals, Mister Snacks is here to help. For over 30 years, Mister Snacks has been a national leader in the private-label snacking business. We work closely with our clients to help them choose high-margin, value-priced items to meet the changing tastes of consumers. We work with wholesalers and distributors, convenience stores, retail stores, gift shops, food service companies, brokers and even international businesses looking to grow their bottom line. We look forward to working with you. Contact us today!