Millennially are quickly changing the consumer landscape. They have different preferences, priorities, and have even changed the family size and structure.
AUSTIN, TEXAS - Many of the challenges facing consumer packaged goods companies may be traced to the cultural dynamics that are redefining what constitutes a family, said Denise Morrison, president and chief executive officer of the Campbell Soup Co. This new family dynamic is one aspect of what she called the "seismic shifts" shaking the food and beverage space.
"It's clear consumers are changing," Ms. Morrison said April 22 during a presentation at the IRI Summit in Austin. "Their wants are changing, the family structure is different, and an interest in fresh foods is rising."
She said millennials are challenging how the American family is defined.
"A baby boomer like myself thinks of a family as mom, dad and a couple of kids," she said. "That is wrong. Today, only one-fifth of households have married parents with children. More than half of households don't have kids."
She added U.S. households are getting smaller, and in many households the numbers of pets or televisions outnumber the number of children.
"In America we have moved on from the idea there is a growth model on how to define a family," Ms. Morrison said. "The institution of marriage is changing with the number of married couples dropping. At the same time society is widening the definition of the family. In some cases, it looks as if husbands are optional today. In 2011, the number of mothers who have never married has run up to 45%. It's all part of the cultural conversation about women's roles."
Adding to the dynamic is the rise of multicultural households, Ms. Morrison said. She noted that 36% of today's U.S. population is multicultural, and multicultural account for more than half of U.S. births.
"The newer, truer picture of the U.S. household is no longer singular," she said. "It is more likely to be a mosaic in different configurations."
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