Seated Pitch

Goals

To understand more about food delivery apps such as GrubHub, Seamless, and Doordash, as well as restaurant-focused apps such as Yelp, Resy, and OpenTable, including customer use of and opinions towards these apps, customer demographics and psychographics, and restaurant owner opinions of these apps. As well, to the history of the FOMO (feeling of missing out) and JOMO (joy of missing out) memes along with memes/trends that have been started and popularized by millennials. Finally, to understand the spending habits of millennials, with a specific focus on how and where they spend money on food, particularly as compared to their other spending and to other generations.

Early Findings

Millennial Spending Habits

  • More than other generations, millennials are interested in "social responsibility and environmental friendliness when considering their purchases".
  • As well, millennials tend to prioritize companies providing a discount of some time, and they "value price over recommendations, the brand’s reputation, and even product quality".
  • A full 60 percent of this generation is willing to spend more than $4 on a single coffee, and 70 percent are willing to spend more money in order to eat at a "hip" restaurant.
  • Compared to other generations, millennials spend more annually on groceries and restaurants, gas, cellphone bills, hobbies, electronics, and clothing.
  • Alternatively, they spend less than other generations on television, traveling, pharmaceuticals, and furniture and building materials.
  • More specifically, millennials dedicate the largest portion of their budgets to food and beverages, including groceries, dining out, and ordering delivery.
  • As of 2016, "millennials spent 13.1 percent of their salaries on food". Comparatively, older generations spent between 13.2 and 14.7 percent of their annual incomes on food when they were the age that millennials are currently.
  • Given that the average salary of a millennial is $56,099, this means that an individual millennial is spending about $7,348.97 on food each year.
  • While Generation X and Baby Boomers are currently spending the most money on food and beverages, millennials are expected to surpass them both within the next 10 years.
  • In total, millennials spend an average of $47,112 annually per person, and $600 billion combined in the United States alone.

Proposed next steps:

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