Prices and economic uncertainty are causing Millennials to take a more strategic approach to spending, with cooking at home prominent among the ways they are coping, according to a new report from Cashew Research.
In a survey of consumers in the United States and Canada, among Millennial respondents, a combined 69% report cooking at home more frequently than they did 12 months ago, Cashew Research emphasized. Some 42% of Millennial respondents said they were cooking at home much more often than they did last year, 27% said they were cooking somewhat more often at home, and 26% said they were cooking at home at about the same frequency. Cross-referencing with segment data indicates that at-home cooking spans across all economic segments.
Although saving money is the foremost reason Millennials are choosing to cook at home, cited by 56% of survey respondents, other motivations are important as well: 35% do so to cook for family and friends, and an equal proportion do so for health and nutrition control. One in three does so because they enjoy cooking, 16% due to online content, 14% for social sharing, 9% as a creative outlet and 4% because they have a meal kit subscription.
Cashew Research highlighted the primacy of cost savings as a cooking motivation, suggesting that financial constraints have fundamentally reshaped how Millennials approach food decisions, with economic necessity driving more culinary choices. As such, it adds, brands should position affordable options more as smart financial choices and less as budget compromises. The equal ranking of family feeding and health/nutrition control as secondary motivations establishes a strategic opportunity to deliver on cost-effectiveness, family nutrition and health benefits within a single value proposition, Cashew Research indicated.
Overall, Millennials are using digital tools, planning more, looking for local specialty stores, and being selective about their subscription sign-ups. When it comes to weekly shopping, 34% are making economic adaptations, including trying new and private label brands, according to Cashew Research, and 23% are shifting to online platforms. At the same time, 19% of survey respondents stated they were being health-conscious in their shopping but also selective, as they consider price and value, while 13% are bulk shopping and doing more meal planning, and 8% are exploring local and specialty stores to see where they can find more bang for the buck.
