Millennials Are Refusing To Buy Into These Industries

Sales Decrease: 50% less than silent generation*
Cause of Death: Different idea of the family unit

100 years ago the world looked completely different, with the expectation of marriage being fairly absolute. Today, the idea of family is so much more diverse. We are exposed to more people in one session on a dating app than many back in the 1920s were exposed to in an entire year.

Marriage ©Wedding and lifestyle / Shutterstock.com

The excess of choices and the rise of individualism have resulted in many millennials getting married much later in life, if at all. In a more generally liberal society, there is often no real justification for the institution of marriage to the modern generation. Cohabitation, civil partnerships, and common law marriages are increasingly popular. 

Many millennials are themselves children of divorced families and choose to forgo the option of marriage. Some simply delay rather than give it up altogether, choosing their career first before investing in a wedding. Currently only 32.9% of millennials are married. 

Sales Decrease: 7.5%*
Cause of Death: Streaming channels

It’s hard to understand how 77.6 million households in the US still have cable TV when we have options like Netflix, Amazon Prime, and Hulu. In this day and age, we expect immediacy, a wide variety of choices, and absolute autonomy.

Cable TV ©Burlingham / Shutterstock.com

Modern day consumers expect a plethora of options and the ability to choose exactly what and when they want to consume. Tv is no exception, the idea that one should flick through channels in the hope to find something good on is very outdated. One expects to select from a menu what they would like to watch, and also to be able to pause to grab a snack. 

Once you have switched over to streaming, it is fairly easy to see why Cable is totally outdated. Repeats, lack of options, and the fact that you are limited to what has been scheduled on your behalf makes it fairly obvious.  One does wonder if they will be able to make some kind of revival, or if they’re doomed to go the way of Blockbuster. 

Sales Decrease: 25%*
Cause of Death: Workplace changes

Flexible hours, working remotely, and the new awareness of work-life balance have changed the face of the workplace forever. In the last couple of years, we have seen jobs that were not originally meant to accommodate remote working somehow finding ways to adjust.

Business Suits ©Kreangkrai Naktaku / Shutterstock.com

The effect of this shift is long term as many companies have ditched the large offices in exchange for smaller ones, choosing to allow workers to work much fewer days in the office. Thus, the death of the business suit. It will never disappear completely and will have a place in certain industries forever, but it is unlikely to come back to its former glory, at least not any time soon.

Modern work environments are completely different to the past. Work spaces are designed to create community and are much less formal. Communal break areas featuring ping pong tables and other games or allowing people to bring their dogs into the office creates a relaxed environment where a suit is not quite suitable

Sales Decrease: 15%*
Cause of Death: Shift in demand

Some will argue that the diamond industry is one of the greatest marketing successes of our time. Who could forget the glorious image of Marilyn Monroe in top-to-toe fuschia singing “Diamonds are a girl’s best friend”. Or iconic movies like Diamonds Are Forever which have cemented the image in our minds of the importance and value of this clear, transparent stone. 

Diamonds ©Bjoern Wylezich / Shutterstock.com

However, today they have dropped in popularity for several reasons. The decline of the marriage industry being one, and the rise of consciousness of ethical sourcing being another. Millennials are more likely to prefer a vintage diamond to a new one. And if a new stone of some kind is being purchased, they would likely go for a different kind of precious or semi-precious stone altogether. 

Many will argue that the stone itself is not actually valuable at all, the idea that they are rare is not quite accurate. The reason diamonds are so expensive is not because they are hard to find, rather because they are in high demand. In fact Nicky Oppenheimer himself said in 1999 “Diamonds are intrinsically worthless, except for the deep psychological need they fill”.

Sales Decrease: Unknown
Cause of Death: Text messaging

The doorbell. Such a novel idea. It is quite remarkable how things that once were simply a natural and daily part of our lives, eventually become obsolete. There was a time when phones were plugged into the wall permanently and we were able to leave the house without them. Those were the days that the doorbell was a necessity.

Doorbells ©Forgem / Shutterstock.com

Today though, it’s assumed that upon arrival, we text. Oftentimes when we are on our way, we also text. And then when we get home, we text too. Between all the texting and the posting on Instagram, we can know where our friends are at any given moment, eliminating the need for a doorbell. 

In fact many people admit to suffering ‘doorbell anxiety’, feeling that the sound of the doorbell is aggressive. The much gentler approach is simply to text ‘here’. The sound of our phones text messaging actually releases dopamine, which explains in part why we are all so addicted to our phones. 

Sales Decrease: 25%*
Cause of Death: Online shopping

Things seem to change so slowly. Often we don’t even notice it happening. Then, all of a sudden, the way things were seemed strange upon reflection. It is hard to imagine walking around the high street going in and out of the shop after shop trying things on. Shopping was an event, one which took planning and time (and comfortable shoes)

Department Stores ©TK Kurikawa / Shutterstock.com

Today, you can have anything and everything you possibly could want from the comfort of your sofa. And when it arrives in the post and it doesn’t fit? No problem, simply exchange it. Easy peasy, no mess no fuss, and most importantly, no need to actually speak to any salespeople! 

While the idea of brick and mortar stores coming to a permanent end is an idea that has been floating around for some time now, it is clear that there will always be a need for actual stores. Though the evolution in the way we shop is certainly not over yet. 

Sales Decrease: 17%*
Cause of Death: Health concerns

The old Kellogg’s get-up-and-go favorite has lost some popularity due to a shift in demand from millennials. Today the preferred breakfast is cooked oats, a smoothie, or something higher in protein. Generally more balanced than a sugary cereal.

Cereal Aisle @Din Mohd Yaman / Shutterstock.com

A ‘healthy’ raisin cereal can contain 20g sugar per serving, which is almost equal to the entire days worth. They also often contain over processed wheat which also causes sugar spikes. They also lack many of the basic nutrients we require for a balanced meal. 

Though it seems that despite a rather large drop in sales, cereal is still being consumed today. Just in a different way – as a snack rather than a meal. With a more health-conscious generation, the cereal companies will need to shift their focus towards creating lower sugar, lower salt alternatives to meet customer demands. 

Sales Decrease: 36%*
Cause of Death: Culture change

There was a time where exclusivity and ‘members-only’ meant something was much more desirable for previous generations. Today though, millennials are more likely to participate in a sport that promotes open and equal opportunity. 

Golf ©ESB Professional / Shutterstock.com

With millennials representing 25% of the population, it is quite a blow to the golfing industry. There has been a decline of about 400,000 players according to The National Golf Foundation, of whom half are millennials who are not particularly interested in a pricey, homogenous game.

The male-dominated, upper-class environment of golf courses and country clubs will need to adjust their protocols to accommodate the needs of the modern generations. Millennials are also less likely to sign up for a long-term, expensive membership which is what country clubs classically require. They are much more inclined to choose flexibility and “pay as you go” options.

Sales Decrease: 3.3%*
Cause of Death: Health consciousness 

The general trend across the board with the younger generation is awareness and commitment to health and sustainability. By contrast to the Boomers and Gen X, who in many western countries are now paying the price for many years of poor health choices.

American Cheese ©David Tonelson / Shutterstock.com

The drop in sales in artificial cheese is no exception to this trend. Consumers are interested in farm to table, micro-producers of cheese. Locally made, often free-range and organic. Even fast-food chains are now catching on, with even McDonalds now serving real cheese on some of its burgers. 

It is also limiting in its flavor when compared to farmed cheeses, which offer a wide variety of flavor, texture and color. In the end of the day, one would want to have a basic understanding of the ingredients of the food one chooses. Synthetic cheese contains many more ingredients than necessary. 

Sales Decrease: Unknown
Cause of Death: Change in consumer behavior

To say that gym as such is dying would be inaccurate. Truthfully, the younger generations are extremely fit and healthy and are willing to pay a premium price for a tailored experience. As we have seen with so many other industries, there is a reluctance to pay a monthly fee. Rather the preference is to pay a higher price for one-off classes.

Gyms ©Gutesa / Shutterstock.com

The old fashioned gym, where you would go and do the circuit and run on the treadmill is very outdated though. Today the demand is for classes, where groups can work out together. Whether it be cycling or dance, creativity and community are key. Out with the old, in with the new! 

People have also gone a more private route with classes to avoid the large, packed gyms. Many prefer a smaller environment with fewer classmates and more space to work out in peace. Large gyms can be overwhelming, busy and also potentially unhygienic. 

Sales Decrease: 42%*
Cause of Death: Ethical questions

Today, rather than eating canned goods, fresh food is always preferred. Fish is no exception to this rule. Tuna is very popular, just not in cans. Fresh tuna is found all over, in poke bowls and sushi restaurants, and even seared tuna steaks.

Canned Tuna ©Kitch Bain / Shutterstock.com

Across the board, one thing we have established is that millennials are conscious consumers. They want to know where does their food comes from and how is it sourced. Ethical concerns surrounding tuna fishing and dolphins as bycatch have also been partly to blame for the decline in canned tuna consumption.

Not to mention the inconvenient can, the overwhelming smell and the oil, no one in the office will want to sit nearby when that can comes out at lunchtime. Some companies tried to package it differently by putting it into a pouch but that didn’t go down well as consumers felt it was too similar to pet food, and who wants to eat pet food for lunch?

Sales Decrease: Unknown
Cause of Death: Conscious consumerism

Paper napkins are decreasing in popularity with cloth napkins being a more popular choice. In general, today’s consumers prefer a reusable product rather than single-use. However, the market is keeping up with concerns and creating more eco-friendly paper napkins, some made from fully recycled materials.

Paper Napkins ©Elena Pavlovich / Shutterstock.com

Though, generally speaking, paper napkins are produced in large factories that produce a lot of pollution. Like anything else, we can be conscious consumers by simply questioning the source and materials of the products we consume and making choices in line with a more sustainable future. 

Paper production is the cause of deforestation as well as gases, Nitrogen dioxide(NO) sulfur dioxide (SO) and carbon dioxide (CO) which are emitted during the manufacturing process which contribute to climate change. Paper accounts for 40% of the waste in the US. 

Sales Decrease: Unknown
Cause of Death: Change in consumer behavior

Consume less, create more. This is something that the younger generation is working towards. This means that even in the city, we can grow our own herbs and perhaps even some vegetables and if we can’t produce them ourselves we can support small businesses who produce them on our behalves in an environmentally friendly way.

Bulk Shopping ©eldar nurkovic / Shutterstock.com

This is the concept of farm to table. When shopping from the source (i.e. not the giant supermarket chains that sell canned and dried goods designed to last for ages), it is simply not possible to bulk shop. Shopping fresh means buying less, more frequently. Also, it means eating real food with simple ingredients making for a much healthier lifestyle in general. 

Millenials are also cooking less in general, which also explains the decline in bulk shopping. Farms are creating weekly fresh fruit and vegetable boxes that get delivered fresh to your home, which is increasingly popular and any top ups necessary will often be purchased online. 

Sales Decrease: Unknown
Cause of Death: Electric Vehicles

In 2018 the price of lithium batteries dropped a staggering 85%. It won’t be long before the price of the EV is much lower than a gas car and it has so many more benefits to the owner and to the environment. 

Gas Cars ©bunyarit / Shutterstock.com

They have speedier acceleration, no emissions, and much lower maintenance costs. Soon the cons of a gas car greatly outweigh the pros and the era of the gas automobile will likely be a thing of the past. This seems like progress, and honestly the sooner the better. 

Millennials will often skip on the car purchase altogether though before having a family opting for a city bike or scooter. This is a much more eco friendly option with many benefits including not having to worry about parking or theft, saving money and time and of course not having to get stuck in traffic.