Posts Tagged “Millennial households”
Keys to the Cart: Driving Hass Avocado Sales at Retail, unveils how avocado purchases impact the value of the retail market basket, and identifies key shoppers and purchase behaviors driving these results, according to a new study by the Hass Avocado Board.
For example, the retail market basket analysis shows that shoppers spend 65 percent more in-store overall when avocados are in the basket; and millennial shoppers spend 73 percent more in-store overall when avocados are in the basket.
“The study, based on IRI household panel data, yields actionable insights into how high-value shoppers, such as millennials, are driving the category by purchasing avocados more frequently and spending more each time,” Emiliano Escobedo, executive director of the Hass Avocado Board, said in a press release. “Equally as interesting is how regional segmentation sheds light on areas that may be poised to deliver the next big wave of category growth.”
When viewing information on total U.S. households, the study found that over half of U.S. households purchase avocados with an average of 33 days between purchases. On average, shoppers purchase avocados six times per year and spend $3.49 per purchase. This equates to an annual avocado dollar spend of $20.76 per household.
The study offers in-depth insight into various consumer groups and geographic regions:
- Millennial Avocado Buyers — Millennial households are more likely to buy avocados and spend more on avocados than non-millennials. Millennials spend 22 percent more per occasion. Millennial baskets with avocados are $76.36, which is $8.74 above the average basket with avocados and $10.08 greater than non-millennial baskets with avocados.
- Bulk and Bagged Avocado Buyers — Buyers who purchase both bulk and bagged avocados spend more each year and purchase more frequently than bulk-only and bagged-only buyers. Bagged-only buyers have the highest avocado market basket at $137.93; both buyers also drive a higher-than-average avocado basket at $81.22; and the avocado market basket for bulk-only buyers is slightly below the average at $61.57.
- Avocado Buyers in Geographic Regions — The retail market basket with avocados in Emerging Regions (Aggregate of Midsouth, Great Lakes, Northeast, Plains and Southeast) is higher than in Developed Regions (Aggregate of California, West and South Central). Emerging Region baskets with avocados are $69.11, which is $1.49 above the national average for baskets with avocados and $2.92 greater than Developed Regions. However, the annual avocado spend is increasing at a faster rate in the Emerging Regions.