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Millennials seem to be the “Rodney Dangerfield” of generations – they just can’t get any respect. Now, different types of businesses are placing the blame on millennials for the decline in their number of customers and/or revenue as their sales and profits decline.
Millennials, also known as Generation Y, are those currently in the age range of 18-29 years, according to the Pew Research Center. This age group has different priorities and a different value system then previous generations. (Isn’t this always the case with the new generation?)
Especially over the last couple of years, brands suffering from a decline in popularity or revenue have found a new target to blame: millennials. The generation is being blamed across a number of industries for being responsible and diminishing their business success.
Millennials have grown up with computers and the internet, so they are very comfortable with the transition from typical business services to online subscription-based services like Netflix, Hulu and more. Movie theaters have been struggling for many years and millennials tend to only come out for the big blockbuster films.
According to some surveys, especially in this past year, declines in the sales of canned tuna and American cheese are the result of these food products not satisfying the palette of millennials. Once a national staple, American cheese has been on a steady decline for at least four years, as other cheeses such as asiago, fontina and smoked Gouda have risen in popularity.
An even more surprising decline has been canned tuna, which has dropped in demand by 42 percent since the late 1980s. In a slam on millennials, the vice president of marketing for top tuna brand StarKist, said, “A lot of millennial’s don’t even own can openers” these days.
Classic brands of American beer such as Budweiser, Coors and others are falling out of favor with millennials. First of all, millennials aren’t drinking as much beer as earlier generations. Secondly, those that do drink beer have gravitated toward craft beers or a locally-brewed beer, or even brew their own. Third, many millennials are ditching beer altogether, choosing to opt for wines and other spirits instead.
Millennials have a strong interest in minimalism, and as such, are downsizing, moving away from mini-mansions and seeking tiny homes – or not owning a home at all. Another factor could be that many millennials are delaying marriage to later in life. With homeownership considered a byproduct of the formation of marriage and family, this makes sense.
Still, many millennials understand that with the volatile real estate market, coupled with the burden and expense of home maintenance, they view renting as a more viable alternative. Additionally, millennials are interested in experiences and travel, and not owning a home prevents them from being tethered to an obligation, allowing them to pick up and leave at any time.
Sit-down restaurants are finding a decline in business, which they attribute to millennials. First, many millennials prefer cooking at home. But those who do eat out, tend to order and lot of delivery. And when millennials actually go to a restaurant in person, they prefer those that are casual and serve food quickly, places where they can get in and out fast.
The traditional dining experience that takes longer to order and receive your food just isn’t working for millennials, at least according to representatives from some restaurant chains.
