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Jan. 2, 2018 Agri-Pulse reports: USDA economists analyzed food-buying data by generation and are providing some new clues on the buying habits of millennials, that critical market for farmers and food companies. Among all generations, millennials spend the smallest share of their food budgets on grains, white meat and read meat. Another important finding is that as they have more money to spend, millennials appear to have a stronger preference for fruits and vegetables than other older generations. Millennials do spend more on red meat as their income rises. However, economists found a clear trend: There are "consistent generational differences in meat consumption; each expenditure trend for white and red meat decreases with each younger generation." For the purpose of the study, millennials were defined as having been born between 1981 and 1996, meaning that they now range in age from 21 to 36. Bottom line: The millennial generation's lower appetite for meat emphasizes the importance of export markets for the future of the U.S. livestock industry. They said it: "Millennials have a stronger preference for fruits and vegetables and less for white and red meat when purchasing FAH (food to be prepared at home) compared to older generations." - Researchers with USDA's Economics Research Service. Read the report here. Tweet |
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