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Millennials Are Killing These 12 Industries, Experts Say. Here’s Why They’re Wrong

Millennials Are Killing These 12 Industries, Experts Say. Here’s Why They’re Wrong

Millennials
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Various industries that have been seeing lagging sales are blaming millennials for their decline. It is true that millennials are in debt are earning less than previous generations, and are spending less. But their spending habits have shifted and can’t be blamed for killing certain industries. They are spending, just differently. They are spending on experiences rather than products and spending the money they have more ethically.

A new report  by CB Insights looked at 12 key consumer areas that millennials have been accused of “killing” and found out there’s more behind it.

Here’s are the industries and what the report found.

Cereal: Some blame millennials for the 17% decline in cereal sales, but it’s just that millenials are not consuming the product for breakfast but rather as a snack.


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According to the report,  82% of millennials say they think of cereal as a snack (far more than any other generation).

Casual dining: Millennials are eating out but are opting for higher-end eateries when they can afford it.

Department stores: Many brick-and-mortar departments stores have closed due to business being down. In fact, department stores which had seen $230 billion in total sales in 1999 saw this number drop to $155.5 billion by 2016.

“Millennials are 6.4% less likely than other generations to say they shop in department stores, according to a Deloitte survey. One popular explanation for this is that millennials are simply shopping less in physical locations in general, preferring to do their shopping online,” CB Insights reported.

Luxury goods: Sure, millennials love luxury, but they rent luxury items more and buy less.

Cable TV: Millennials are cord cutters, but it seems to balance out as Gen X is more pro-streaming than any other generation.

Gyms: Millennials are working out, just not at the gym. In fact, millennials and Gen Z comprise only 35% of health club members. Still, millennials are spending more money on fitness.

“Millennials spend an average of $40 per month on fitness, compared to $25 for Gen Xers and $15 for baby boomers. But instead of traditional gym memberships, millennials’ tastes have driven a new trend toward fitness classes. They’re willing to pay as much as $35 a class for a personalized, high-intensity workout experience,” CB Insights.

American cheese: Yep, millennials are avoiding fake, processed foods such as American cheese.

Beer: “A recent Harris poll found that a full 20% of young drinkers would be opting for wine during the Super Bowl, and another 20% for spirits,” CB Insights reported.

Canned tuna: Millennials are eating tune but fresh tuna, not canned tuna.  

Motorcycles: Motorcycle riders are on average 50 years old.  Millennials are actually the lowest motorcycle ridership of any generation; they are opting for cheaper options, such as on-demand electric scooters like Bird and Lime.

Golf: Millennials aren’t hitting the green like other generation.

Raisins: Since millennials are avoiding added sugar, most aren’t eating raisins.