Millennials, the Fancy Coffee Generation, Are Drinking More Folgers
The grocery store coffee king is benefiting from the pandemic
To a millennial, the best part of waking up is an organic, shade grown, fair trade, fresh roasted coffee in your cup. At least, that’s what older adults who grew up with Folgers think of the generation that adopted the craft coffee movement on a large scale.
However, according to Mark Smucker, CEO of JM Smucker Co. which owns the best-selling coffee brand, millennials are increasingly turning to Folgers for their morning cup.
“There was a period when investors were challenging: ‘Do millennials really drink Folgers?’” Smucker told Bloomberg. “Believe it or not, they do drink Folgers.”
In fact, Folgers has seen dips in market share over the years, but during a pandemic that has devastated the local coffee shop scene around the country, Smucker notes that Folgers is “one of the brands in our portfolio that benefited the most from the pandemic.”
“His company, which owns a wide range of consumer-food brands from Uncrustables frozen sandwiches to pet food, has seen its coffee products enter 1.3 million new households over a three-month period, with Folgers leading the way,” wrote Bloomberg.
Short-term, crisis-fueled gains are one thing, but the big question for many companies experiencing spikes in sales during the COVID-19 pandemic is whether or not things will slow down once society returns to normal. Folgers has a plan for that, too.
“Smucker said the company’s focus is now ‘on retaining as many of these new households as possible,’” explained Bloomberg. “It’s revamping the brand for a more modern image, while promoting related products, such as its premium line 1850, a nod to the founding of Folgers’s precursor.”
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