One of the biggest industries hit by Generation Y is realty. Millennials just aren’t interested in buying homes right away. The financial risks associated with having a mortgage don’t appeal to the younger generation.
Baby boomers were all about the starter home and bought houses at a young age. Millennials tend to save up for a home, buying a larger home than the previous generation did. Young people will rent until they reach their thirties and then purchase a million-dollar home. That way, they can establish their careers before they settle down. Additionally, student loan debt could be keeping them from making a big purchase.
Purina, Pedigree, Kibbles ‘n Bits and other name brand dog foods are struggling because of a change in millennials’ spending habits. Millennials are willing to spend a lot on their beloved dogs, but they’re very picky about what they feed them. It’s up to dog food companies to find better ways to appeal to millennials.
Generation Y prefers to feed their dogs healthy food with minimal processing. They prefer pet food that’s human-grade. Organic, gluten-free options are also appealing to millennial shoppers. Brands like Purina sell dog food with a lot of ingredients, most of which are unrecognizable. Millennials would rather buy healthy dog food or make their own than buy processed kibble.
Once one of the most popular condiments, mayonnaise has fallen out of favor. Best Foods and Hellmann’s are struggling to sell their products to millennials. Because of a decline in sales, mayonnaise companies have had to reduce prices.
Millennials have a taste for fun, exciting products. They would much rather eat tasty aioli or hummus than boring, oily mayonnaise. Many members of Generation Y are health conscious and vegan, so mayonnaise is off the table for them due to its egg content. There are egg-free mayonnaise options out there for non-meat eaters. To combat the lack of enthusiasm for mayo, these brands have released new products including spicy mayo and Mayochup, a combination of mayonnaise and ketchup.
It was once a given that a person would have a credit card. Credit was used for shopping and applying for loans, mortgages, and more. When the economy declined several years ago, consumers started using their credit less often.
Millennials tend to avoid credit these days because of how hard debt can be to climb out of. Most stick to using debit cards and forgo applying for Discover, Visa, or Mastercards. Generation Y is wary of using credit cards and becoming trapped after spending more than they can afford. There are other ways to build credit without opening and using a credit card.
ESPN has been the go-to channel for sports fans to watch games and highlights from their favorite teams. Since 1978, ESPN and its subsidiaries have been a force in the world of sports. Up until recently, this channel has received high ratings, but things have changed.
Because of the cord-cutting trend, millennials are far less likely to watch ESPN than the previous generation. Generation Y would instead catch highlights on social media than tune into a live broadcast. They may subscribe to the ESPN streaming service, which ESPN is taking a chance on. ESPN is using social media to entice millennials to watch their programming.
The napkin industry is hurting thanks to millennials. It used to be that paper napkins were staples at restaurants, but nowadays that’s not the case. Because they are no longer viewed as economic choices, millennials aren’t buying napkins.
Napkin companies like Vanity Fair are struggling because millennials are buying paper towels instead of napkins. They can use paper towels for more than just wiping their face, making them a better purchase. Also, many millennials eat meals away from home, eliminating the need to stock up on napkins. While only 56 percent of surveyed shoppers say they buy napkins, 86 percent admit to purchasing paper towels.
Despite most movies being targeted toward millennials, they don’t go to the cinema. Movie ticket sales have declined in the past year even with big-budget superhero movies on the rise. While plenty of people still go to the movies, Generation Y is not buying many tickets.
Because of the popularity of streaming services, millennials have a lot of options for watching movies at home. Theaters like Regal Cinemas are looking for ways to get millennials interested in seeing movies. They’ve considered using social media to attract customers. Another idea is to allow cell phone usage during the film, but many people are resistant to the idea.
Irish Spring, Dove, and Dial are having a hard time selling bar soap to millennials. With the trend of elaborate skincare on the rise, millennials have a wide variety of choices for cleansing their skin. Bar soap is considered boring and not as versatile as other cleansing products.
Millennials also consider bar soap to be unhygienic and full of germs. They would rather use moisturizing products like cleansing oil to rid their skin of dirt and grime. For those with oily or sensitive skin, oil-based products are excellent for a healthy complexion. Bar soap can be drying and damaging to delicate skin.
During the fall, college football games are huge events with thousands of attendees. Frequently football fans will gather in the parking lot of the football stadium for tailgating. Like the other entries on this list, millennials are drifting away from attending college football games.
Generation Y is avoiding attending NCAA games because there are more convenient ways to watch the game. Going to a bar or someone’s house to watch a game with friends is fun and more cost-effective than buying game tickets. You don’t have to worry about paying for parking and refreshments or dealing with heavy traffic. Because of that, college football game attendance has been down the past five out of six years.
For millennials, taking a vacation day is hard. They struggle with breaking away from work and getting out of town. Even if they accrue vacation days, millennials are hesitant to use them, no matter how burned out they get.
Because of that, vacation resorts like Sandals are struggling. Interestingly enough, millennials in management positions encourage other employees to take a vacation but don’t do the same. Travel companies are working hard to entice millennials to take a break and get away for a while. Because millennials view themselves as having more to prove to their bosses, they think not taking vacation days makes them look better.
GoFundMe and other crowdfunding sites used to be great ways for people who were working on a business and invention get funding from others. People could share their ideas and hopefully get them off the ground with help from supportive people. These days, GoFundMe has completely changed and not for the better.
Instead of using crowdfunding to get help with a business, users are using crowdfunding to beg for money for anything. People ask for money for medical procedures, vacations, school tuition, and more. Even celebrities have used crowdfunding sites to ask their fans for money to make an album or fund a movie. Too many millennials use crowdfunding as a way to make money without getting a job.
In 2013, McDonald’s introduced the McWrap, which was intended to be a healthier food choice on their menu. The McWrap was supposed to appeal to the younger generation who liked healthier options when going out to eat. This item was intended to compete with healthier restaurants like Panera Bread and Subway.
The McWrap was initially launched in Europe and was extremely popular, so McDonald’s brought it to the United States. McWraps take six times as long as a burger to make, so they cost McDonald’s more money to serve. When it comes to millennials, they don’t go to McDonald’s for health food. They’re more interested in all-day breakfast and cheap combinations.
Along with cereal, another breakfast staple is falling out of popularity. Light yogurt was once a mainstay in healthy diets, but not anymore. Companies like Dannon and Yoplait are struggling because millennials are no longer interested in their light yogurt products.
One reason why millennials aren’t interested in light yogurt anymore is that many in Generation Y don’t eat dairy products. They prefer dairy-free options like almond or coconut yogurt. Also, light yogurt isn’t as healthy as one might think. A healthier option millennials like to buy is Greek yogurt. Because of this, yogurt companies are choosing to focus on developing Greek yogurt products for their customers.
Since millennials aren’t taking vacations, they are staying in hotels less often. Holiday Inn, Motel 6, and Marriot are having a hard time appealing to millennial guests. Because of that, they are revamping room designs to see if they can gain more millennial customers.
Millennials like hotel rooms with a lot of space. Hotels are removing desks, dressers, and closet space to make rooms seem bigger. They install huge TVs and fast Wi-Fi in an attempt to give the rooms a fresher, more modern feel. This may appeal to millennials, but baby boomer guests are not pleased. They prefer the old room designs with plenty of furniture and closet space.
As you can see from this list, millennials are not kind to condiments. Another victim of millennial shopping habits is orange marmalade. Since 2013, companies like Smuckers have seen a steady decline in sales, particularly among consumers under the age of twenty-eight.
Only one in one hundred marmalade purchases are made by someone under age twenty-eight. Experts believe that marmalade is not a popular choice because of its sweet and sour flavor. Most millennials would rather put sweet jam or creamy hazelnut spread on their toast in the morning. Orange marmalade tends to be a breakfast choice for the older generations.
The anti-aging industry has been hard at work for many years selling products promising to smooth wrinkles and other facial imperfections. Products like Olay Anti-Aging Cream have been traded as a part of the anti-aging movement. Thanks to millennials, anti-aging is not the hot trend it used to be.
Thanks to social media, anti-aging products are not a staple in the makeup bag of millennials. With filters and face editing apps, looking younger in photos has never been easier. Instead of applying anti-aging products, Generation Y can fix imperfections in a few swipes. Younger people are okay with wearing some moisturizer and lip balm instead of a full face of anti-aging skincare products.
A few decades ago, it was basically a requirement for professionals to wear suits to work. Dress codes were strict, and attending formal occasions demanded fancy attire. In today’s society, the scope of the workplace wardrobe as dramatically shifted.
Because millennials don’t work the typical 9 to 5 job, suits are no longer the most common uniform. A lot of younger people work in open offices that allow casual attire like jeans and button-down shirts. For millennials who work from home, they can wear whatever they want, even pajamas! This has led to companies like Men’s Wearhouse losing a lot of customers and a lot of sales.