High-End Artisanal Products

Goals

To gain demographic insights into consumers who purchase high-end artisanal goods.

Early Findings

Foods

  • "In 2018 specialty food sales hit an all-time high of over $140 billion in sales, growing 9.8% in the last two years, according to the Specialty Food Association and over 80% of Millennials are purchasing artisan food, the biggest percentage of any generation."
  • "Millennials are feeding this trend because they enjoy individuality and thrive off one-of-a-kind items that no one else has. They carefully choose which brands to invest in and favor ones that are authentic, transparent, and charitable to communities around the world. Millennials want an intimate connection with brands; something more than just picking products up off a shelf."

Other Luxury Goods

  • Scholarly research also defines artisan goods as those which fall into luxury categories, as in the "late 1990s the market for luxury offerings was transformed from a constellation of small, artisan family-owned businesses–that emphasized premium quality and the aesthetic value of their goods–into a consolidated economic sector led by powerful brand-driven luxury corporations.
  • With that in mind, the typical consumer for luxury brands is in line with that of the artisanal food consumer. "According to a 2019 luxury market report, today’s luxury brand target audience is 25 to 44 years old. They comprise 64 percent of this overall audience. Don’t sleep on the younger generation between 16 and 24 years old, also known as Generation Z. They’re another big chunk of your target audience."

Millennial Consumer Demographics Insights

  • "Millennials (18-36) comprise 24% of the US population (77 million individuals), on par with Boomers (1946-1964) and Gen Z (born 1995-present)"
  • "The median income for younger Millennials is $25k, while it’s almost double that ($48k) for older Millennials"
  • "Millennials account for 1 in every 5 same-sex couples"
  • "Only 21% of Millennials are married, while 42% of Boomers were married at their age"
  • "Almost 1 in 4 (23% to be exact) have a Bachelor’s degree or higher, making them the most educated generation"
  • "Millennials are the most ethnically and racially diverse generation, with 19% being Hispanic, 14% African-American and 5% Asian"
  • "As for those Millennial mothers, some 36% of Millennial women have had children"
  • "About 2 in 3 Millennials are US-born"
  • "An impressive 38% of Millennials are bilingual, up from 22% in 2003"

GenZ Consumer Demographics Insights

  • "This cohort contains about 74 million people, roughly the same as Millennials. Not surprisingly given their ages, 62% of Gen Z members live with their parents, and 55% are students, according to research firm GlobalWebIndex."
  • "Generation Z members are more optimistic than Millennials, who endured a major downturn in the economy when many were entering the workforce. Most of Generation Z is not yet saddled with student loan debt from college, something that is part of the lives of many Millennials well into their thirties. This younger generation is more confident of their ability to make a living doing something they like."
  • "Generation Z is most likely to hear about new products from online advertising and search engines. They are not big users of consumer review sites. Gen Z members spend an average of 2 hours and 52 minutes a day on social networks and messaging services, according to GlobalWebIndex, often researching products and sharing information with friends."

Summary

As there was no specific vertical mentioned in the project details, insights for specialty foods and for luxury brands have been used as a proxy for representing the artisanal goods consumer. If a more specific focus or type of product is required, this should be communicated in any response. In the most general and broad terms, the typical consumer for most of these types of products is likley to be a millennial. As such, further research should focus on that generation as a proxy.

Proposed next steps:

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