A sugar industry analyst suggests millennials are eating less sugar than older generations. Sabrina Hill has more.
Analyst Todd Hale made those comments during the American Sugar Alliance’s annual International Sweetener Symposium last week, according to the Hagstrom Report. Described as those born between 1977 and 1994, millennials will outnumber the baby boomer generation by 10 million people in 2020. Hale notes millennials spend only $18 per year on sugar and sugar substitutes, compared to baby boomers spending $24. In addition, he noted that millennial consumers spend less on candy, jams, bread and baked goods, cookies, ice cream, juices, and drinks than the other generational groups.
Hale also indicated grocery sales remain flat. He suggested that reflects the millennials lower spending on everything because they have been hurt the most by the recent recession. millennials “want smartphones, but then watch their pennies,” Hale noted. Other trends Hale noted includes more snacking, more fresh produce sales, demand for chewing gum is down, cereal demand is lower due to frozen breakfast and yogurt, deli meals demand is gaining, organic foods are growing, and fresh baked goods are doing well. Many of those trends reflect the Millennial consumers’ demand for fresh foods.