It was fascinating to see an article about what Millennials just aren’t buying as much as previous generations have. From everything I have read it looks like they will take lead away from us Boomers when we were their age. They are all about changing the world and they should be. With global warming becoming a daily issue now and with pandemics likely to happen more frequently they need to take command. It’s their world that we are messing up.
Here are some of the things that were once considered essential but no longer are by this group.
- Car & Gas – They just don’t see the need to be weighed down with car payments, insurance, maintenance and gas expenses. The number of drivers age 18 -25 is down nearly 25%. In urban areas they would rather take public transportation or use ride-sharing app.
- Traditional Gyms – With their focus on healthy, organic options, it is surprising to see that gym memberships are down significantly from past generations. It’s not that they don’t exercise but instead that they are choosing other venues. Boutique gyms are popping up everywhere in medium to large cities.
- Cereal – 40% of Millennials say they don’t eat cereal for breakfast. Part of the reason is that they consider it too unhealthy. Another is that there are more “convenient” ways to get their morning meal.
- Homes – This is a biggie. One of the reasons for not buying homes is affordability and being locked down with a 20 or 30-year mortgages. It prevents them from quickly moving to where the jobs are when life calls for that. Given the gig economy that will likely be the norm now.
- Weddings & Diamonds – In the 1980s two-thirds of those between 25-34 were married. Now half that less that number are in the same state. One of the reasons is that marriage is more of a “legal” thing to them. It’s better to just hang out. Even among those who are marrying, diamonds are in significant decline. They are choosing less expensive and more unique engagement rings.
- Land Lines – meaning telephones that are attached to the wall even it the phone itself isn’t. 66% of Millennials are totally wireless. 83% sleep with their cell phones by the bed.
- High Heels – Sneakers are now a booming industry. Millennials just don’t see the reason for teetering around in high heels anymore just because someone tells them that is the “style”. Good for them!
- Golf – Some feel that the sport is just to overpriced and boring. It is just not their idea of an enjoyable afternoon. Golf memberships are way down for this group.
- Fast Food – places like McDonald’s are seeing a steep decline in millennials coming through their doors. If the fast food places can’t figure out how to turn that around they will likely go down fast. That is especially true given that later generations are following the Millennial trend in this area.
- Designer Clothing – while the designers continue to sign up the stars to wear their products, millennials just aren’t buying into it. Instead, thrift stores and fast fashion brands are the choice with them. They have better places to spend their money than to try to impress others with expensive designer labels.
In closing this post out, I am not trying to say that the above scenario fits all millennials any more than progressive labels applied to all of us Boomers. To attest to that fact just look at one of the major sources for the MAGA crowd. I am embarrassed to say that a big majority of my high school graduating class are in that category. There is always a certain percentage of every group that depends on others telling them what they want and telling them what to do. But, I am saying that the trends are there that there are a significant majority of millennials who are rejecting things that just aren’t relevant to them. Good for them.