Imbiba’s Junior Advisory Board
A dose of Millennial wisdom goes a long way these days…
The Imbiba Junior Advisory Board is made up of a dynamic and innovative group of millennials with a discerning eye for the Leisure and Hospitality sector.
In our industry update this month, the team discussed the trends that are now shaping our industry. From wanting to eat less meat without being labelled a vegan, to giving up on Instagram… we take a look at some of the latest themes. Amongst others, Board members include movers and shakers from Native Snacks, Ballie Ballerson, Soho House, Sipsmith and Top City Bites – and this is what they had to say…
Competitive Socialising & Experiential Leisure
The UK casual dining market has been in like-for-like decline over the last few years and there has been increasing demand for experience-led venues. Consumers are drinking less and can easily have restaurant food delivered home, so operators need to offer some sort of experience above the basic food and beverage offering to capture consumer’s attention. This trend has been supported by social media, with youngsters wanting to broadcast interesting and engaging contact for their followers – who wants to upload a pint of beer at the pub when you can upload a Tiramasu Espresso Martini in a fluorescent ball pit in Ballie Ballerson? Competitive socialising has become perfect for corporate team building events as they are inclusive for all regardless of gender, ability or whether you drink or not. However, not every bar can set up a ping pong table and expect sales to double, the product needs to be constantly evolved and refined in order to drive repeat visits.
Music
Tying-in with experiential leisure and the desire for the millennial generation to spend their hard-earned cash on experiences, venues that hire talented musicians to perform can draw in a lot of customers as people genuinely care about the music and are prepared to travel to bars that regularly host artists from their favorite genres. Millennials don’t want to have to always go to packed concert venues in order to listen to the best music, so bars that can provide a happy medium and offer top quality drinks and service with the best local musicians performing will undoubtedly be popular.
Alcohol
We all recognise that Millennials are generally drinking much less and it is rare for many to drink at all during the week, driven largely by health awareness, social media and career ambitions. This has affected the makeup of the entire leisure sector. Social media has also had a ‘sanitising’ effect on alcohol consumption, since every social occasion is readily documented online, people are far more conscious of their image and reputation and less inclined to drink excessively and lose control. The competitiveness of the workplace has also contributed, as juniors are generally reluctant to go out drinking during the week and underperform the following day.
Meat Consumption
The increased awareness of the benefits to your health and the planet for eating less meat combined with the improved choice and quality of vegetarian options has led to much lower meat consumption amongst Millennials. However, despite a growing number of vegetarians and vegans, the majority don’t feel the need to go to extremes and label themselves as a “flexitarian” or set strict parameters to their diet; they just naturally choose to eat less and don’t necessarily view it as a sacrifice. As a result, the most successful vegetarian or vegan restaurants will likely be those that don’t have an overtly branded “vegan” identity, but rather promote the fact that they serve healthy and delicious food at a competitive price point, regardless of whether it qualifies as vegan or not.
Cosmetic Treatments
It is now far more socially acceptable (from as young as twenty-somethings) for consumers to be comfortable discussing treatments such as Botox or fillers with friends. Even celebrities and influencers, who would have avoided revealing their beauty enhancements to the public, are now frequently promoting clinics and the most innovative new treatments on their social media. Although men are still a step behind, when observing the growth of male grooming products and salons over the last ten years, cosmetic treatment feels like we’re only a few steps away.
An area that divides opinion. Many argue that there will be a rebellion against Instagram due to growing reports on the harm it has on people’s mental health. There is recognition now that consumers broadcast an artificial life online, littered with social occasions in exotic places which can make others feel boring and lonely in comparison – as a social engagement channel, it’s fast becoming socially isolating. As a result, users are starting to take breaks from Instagram and some are considering deleting the app entirely. With increasing intrusion from advertisements and promotions, many would prefer a less corporate, stripped back version. With celebrities promoting brands for fees, leisure businesses might want to consider use of more authentic and local influencers with a more trusted following. Social media remains a necessary marketing channel and consumers will undoubtedly want to continue to share their own stories and personality online. Perhaps a new app that goes back to basics might be just the solution.
Boutique Fitness
There is a large appetite for specialised fitness experiences amongst Millennial; these classes offer variety and adventure, from spinning to boxing, to army-style bootcamps. These venues are often on a pay-as-you-go basis which has replaced the traditional monthly membership model to allow consumers the choice, variety and flexibility they seek. This growth has been supported by health-conscious young professionals who now often choose to catch up with a friend or even a client over a fitness class (as opposed to a drink).
At Imbiba, we are constantly looking to partner with innovative and exciting young businesses looking to grow. Those that continue to evolve their product and are able to adapt in line with consumer trends will be the ones that can stand the test of time. Interested in partnering with us? Please contact Angus Stewart angus@imbiba.com