The habits of millennial’s (in their twenties and thirties born between the 80s and the end of the 90s) are pointed out in various industrial sectors as the main cause of crisis in the US market . Here are 10 industries that could see their turnover drop, according to research by data and analysis providers Cb Insight. The analysis is based on the US market.
The producers of cereal for breakfast have lost about 17% over the last ten years , although it continues to be worth $ 9 billion , and the big brands they see as the main cause that a breakfast of cereal and milk no longer fits to the hectic and healthy life chosen by many young people, who would prefer to consume light snacks, low-fat yoghurt and ready-made foods that are quick to prepare.
Also on this line is the disaffection of the Y generation towards over-sugary foods. Mostly the raisins, whose consumption has fallen compared to previous generations, have fallen victim to this trend. And the reason is precisely the high presence of sugars (almost 72% ) and the low presence of vitamins compared to fresh fruit. Even in this case, however, a possible solution could be represented by the creation of different and more attractive snacks.
3. Industrial cheese
Another banished food product in diets of the twenties and thirties is the cheese produced in an industrial way. The millennials want instead cheeses produced in a more natural way by small companies. Compared to a steady decline in sales of industrial cheeses, artisanal cheeses have registered a 40% increase in sales over the last 15 years.
The same thing applies to the alcohol industry. Here the trend has shifted towards spirits and wine, which have gained market share over the more traditional beer in the last ten years. But if we talk more specifically about beers, millennials prefer artisanal ones over those produced in an industrial way. The craft beer market in the United States has grown by 500% in the last decade.
5. Canned tuna
It advances the progressive abandonment of canned tuna in favor of fresher alternatives. A part of this change could be due to the rampant fashion of raw fish and sushi. In the last thirty years, moreover, canned tuna sales have fallen by 42%, while poké chains (a typical Hawaiian dish based on raw tuna) have grown by 105% in 2018, as has the consumption of fresh and frozen.
6. Cable TV
On the entertainment front, we know that millennials are the core of streaming service users (about 61% of the total in the United States). This is also due to a price talk: while an average cable subscription still costs about $ 85 a month, a subscription to a service like Netflix costs between $ 9 and $ 16, giving access to a greater offer and above all more customizable.
The same problem is found with the progressive decrease of traditional gym memberships. Generation Y prefers exercises and fitness activities in classes or groups rather than individual activities, and is also willing to pay more for a more personalized and shared experience.
8. Shopping centers and department stores
Also with regard to consumption, significant changes must be reported. According to the latest estimates, more than a thousand American department stores will close their doors in the next 4-5 years. Compared to traditional shopping centers, millennials buy mainly on ecommerce sites, in outlets or in smaller stores, which seem to offer a more personalized choice.
9. Luxury industry
The attitude is more focused on gaining experience than on the possession of objects, and this also leads them to the increasing use of services that provide for the simple rental of luxury goods, as evidenced by the annual growth of users (+ 150%) on the Rent platform the Runway.
Finally, still with a view to saving and sharing the economy, instead of spending money on the purchase and maintenance of large motorcycles, the Y generation prefers more sustainable solutions such as those offered by services such as Bird and Lime with their electric scooters that are better suited to city traffic and more informed and eco-sustainable choices.