Millennials are the latest “buzz-generation,” as in everything you hear these days seems to be about “millennials,” rather than “baby boomers.” Ironically enough, just last year, there became more “millennials” than “baby boomers,” meaning the millennial generation is in higher numbers than baby-boomers. With that comes their gigantic influence on the economy and on businesses and products.
Of course when we think of things that millennials have boosted, economy-wise, we think of businesses like Uber, social media, rental industry, things like that. But we never really think about the businesses and industries that the nigh number of millennials hurts. We did the research, and it’s actually kind of surprising about some of these things. The list of industries that are being hurt are listed below, from Business Insider.
Casual dining chains like Buffalo Wild Wings and Applebee’s
Napkins (napkins? are they not cleaning themselves?)
“Breastaurant” chains like Hooters
Home Ownership (this one seems to depend on area though)
Yogurt — especially light yogurt
Bars of soap (back to the whole cleaning themselves thing…)
Diamonds (we covered this story a little while ago)
Department stores like Macy’s and Sears (as evident by the number of them shutting down recently)
Gyms (very surprising considering how super popular working out is these days)
Home improvement stores like Home Depot and Lowe’s (I guess you have to own a home for most of their products)
Oil (more and more younger generation is bicycling/electric car driving/walking now)
The entertainment industry too, specifically for children. Millennial parents aren’t taking their kids to the same places we grew up going to, like Chuck E. Cheese’s, for example, which just reported the death of their animatronic band.
Corporate managers of the popular children’s spot say they’re trying to update the chains, and that’s going to start with the removal of the classic animatronic band. Some of the already redesigned locations have a live (mascot style) Chuck E. Cheese on a dance floor that interacts with the kids. They noticed a few years ago that kids didn’t care about the band – they just wanted the live mouse.
Times are a-changin’, and we have to adapt to survive, right?