Is Your Business Killed By Millennials? Here's What You Need To Know
Millennials are usually labeled as entitled, lazy, and obsessed with social media. It might be true that millennials will not eat anything until it passes the Instagram quality control check.
But maybe, just maybe, these industries are not in danger just for the love of aesthetics. Maybe millennials have certain standards on where they want to spend their money.
They might be considering their financial situation, the ethics they are looking for in a product, and their priorities when it comes to their health and wellness.
Given these considerations, here are some of the businesses killed by millennials:
1. Casual Dining
Casual dining chain restaurants have seen a decrease of 14.8 percent in same-store traffic since 2008.
According to Business Insider, Applebee's has continued to fail to attract millennial diners. This goes to for places like Burger King, Pizza Hut, and Subway.
The latter three chains announced closures in 2019 and 2020, which could mean that millennials have had a change in taste.
This could be because millennials are looking for healthier options in casual dining. Many chain restaurants have been forced to state ingredients and calories to attract younger consumers.
Some fast casual dining chains are making themselves attractive to millennials by catering to millennials' kids.
Restaurants like Firebirds Wood Fired Grill, Tender Greens, and Cicis Pizza are trying to attract millennial parents by serving healthier and more expensive kids' menus.
As millennials' consumption habits change, popular beer brands like Coors, Budweiser, and Heineken are gradually experiencing loss.
Millennials might be spending more money on craft beers compared to more popular beer brands.
A survey conducted by Brewers Association showed that millennials are spending more on craft beer than they do on their monthly bills.
This might mean that they are more supportive of local businesses.
3. Department Store
Shopping in brick-and-mortar stores might not sound interesting to millennial consumers anymore. Macy's, Kmart, and Sears closed their stores in some locations.
By 2023, experts predict that more than 1,000 department stores would shut down, while their overall share of the apparel category would dive by 66 percent.
However, online shopping such as Amazon continues to increase.
Millennials might be preferring to do their shopping online. A survey by CouponFollow showed that millennials in the U.S. made 60 percent of their purchases online last year.
Another reason behind this might be some millennials are opting to rent clothes instead of buying them due to their interest to minimalism and sustainability.
One of the most popular rental services, Rent the Runway, has reported a rise from $125M to a $1B valuation last year.
Urban Outfitters, American Eagle, and Express are some of the brands that recently opened their own clothing rental services.
Back then, cereal has always belonged to the breakfast section. But things changed as cereals are moving into the snack section.
One reason behind cereal, not becoming part of millennials' breakfast staple, is the health factor.
Cereals contain sugar, which might be not an ideal breakfast for you if you are trying to improve your health.
According to CB Insights, marketers should ask how they can make cereal a more appealing snack to catch up with this market trend.
These are just some of the industries that "millennials are killing." Maybe it is not such a bad thing.
Perhaps millennials are just looking for a more sustainable and healthier options.
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