For investors looking to identify a solid business model with a profitable target market, a cookie franchise might be an exciting opportunity. Spending power has shifted throughout the four decades Great American Cookies has been in business, with millennials wielding more influence than ever. Read on to see why we have specified millennials as the ideal consumer for a Great American Cookies franchise, and what you should expect from this generation of spenders.
Let’s Eat Out
Evaluating trends and habits of these spenders is crucial to developing a sound business plan for the future. Quick-service restaurants like a cookie franchise are thrilled with the trends that this group has shown when it comes to baking at home versus eating out. Statistics have shown that 94% of Millennials choose to spend money at food service establishments at least monthly. In fact, according to a survey, 49% of these Millennials spend more on restaurants than they do on their retirement plans. Although these spending habits concerning retirement savings aren’t shocking considering current millennials’ average age, this demographic wants to satisfy their needs right now.
Stay True to Your Brand
With Millennials growing up in a time of social media transformation, this generation has developed an incredible awareness. The three major social platforms (Facebook, Twitter, Instagram) were each developed well after the end of the millennial generation, with the oldest being Facebook established in 2004. At this stage, Millennials have become increasingly aware of what forms of social advertising are a waste of time and ‘fake’ compared to an authentic, useful service. Businesses that are looking to attract this demographic need to be aware of the importance of authenticity and transparency. Great American Cookies is always looking to evolve our marketing strategy, ensuring that our product isn’t the only aspect of our model that’s fresh.
Don’t Make Them Wait
Food delivery services have made it easier than ever for millennials to get their bite to eat as conveniently as possible. The influx of this trend in the food service industry has shown that millennials, and generations to come, are willing to spend more to have a service that is quick and convenient. Our quick service cookie franchise has capitalized on this trend by being able to supply consumers with their service at a fast pace so they can continue with their workday.
Would you like to know more about why a cookie franchise can be the ideal business model to capture Millennials? Do you just want to know more about Great American Cookies? Contact us today.