The term “millennials are killing” has become a common headline in recent years, often used to describe the impact this generation’s preferences have had on various industries. It’s important to note that these changes are less about “killing” and more about evolving consumer habits. Here are some industries that have significantly shifted due to millennial preferences.
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With all the online shopping these days, millennials are less likely to shop at traditional brick-and-mortar shop. This shift has led to the closure of many physical retail outlets. Due to convenience and a ton of other reasons, physical retail is never coming back for another heyday.
Casual Dining Chains
Millennials tend to prefer fast-casual dining experiences and locally-owned restaurants over chain establishments, leading to a decline in business for some casual dining chains.
With the advent of streaming services like Netflix, Hulu, and a few other ones, most people under 40 have “cut the cord” and no longer subscribe to traditional cable TV packages.
As digital natives, millennials often get their news from online sources, leading to a decline in print newspapers and magazines.
Millennials, and really just about everyone these days, are more likely to use online banking services and fintech apps, leading to a decrease in the use of traditional banking services.
The Beer Industry
While millennials still enjoy a good brew, they’re more likely to opt for craft beers, wine, or spirits over mainstream beer brands.
The Diamond Industry
Many millennials are choosing not to buy diamonds, often due to ethical concerns and financial priorities, impacting the diamond industry.
The Housing Market
High student debt and rising housing prices have led many millennials to delay homeownership, affecting the housing market.
The Car Industry
Urban living, environmental concerns, and rideshare services have led some millennials to forgo car ownership.
The Wedding Industry
Millennials are getting married later in life and often prefer smaller, more personalized weddings, impacting the traditional wedding industry.
To wrap this up, while it’s easy to say millennials are “killing” specific industries, it’s more accurate to say they’re reshaping them. As consumer preferences evolve, enterprises must adapt to stay relevant.
This article was originally published on STEM Education Guide.
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