23 Industries Millennials Are Killing Because of Their Unique Spending Habits
Millennial preferences for sustainability, technology, and unique experiences over traditional purchases are reshaping the market. Understanding these trends can offer valuable insights into the future of the economy. Let’s explore the items millennials are no longer buying.
Homeownership
The dream of homeownership is less attainable for many millennials due to financial constraints. High property prices and student debt make renting a more viable option. This trend is reshaping the housing market and rental industry.
Diamonds
Millennials are steering clear of traditional diamond purchases, favoring ethical and sustainable alternatives. The rise of lab-grown diamonds and vintage pieces reflects their values. This shift has caused a significant decline in the natural diamond industry.
Traditional Weddings
Millennials are redefining weddings, often opting for smaller, more personalized ceremonies. The focus is on meaningful experiences rather than lavish celebrations. This trend is affecting the wedding industry, from venues to florists.
Cable TV
Cable TV subscriptions are becoming obsolete among millennials who prefer streaming services. With platforms like Netflix and Hulu offering on-demand content, traditional cable is losing its audience. This trend is reshaping the media landscape and advertising models.
Single-Use Plastics
Environmental consciousness has led millennials to reject single-use plastics. They opt for reusable bags, bottles, and straws, influencing market demand. This change is driving companies to adopt more sustainable packaging solutions.
Department Stores
Millennials are bypassing department stores in favor of online shopping and niche boutiques. The convenience and variety of e-commerce have made brick-and-mortar stores less appealing. This trend is forcing traditional retailers to innovate or close their doors.
Fast Fashion
Fast fashion is falling out of favor as millennials prioritize quality over quantity. They prefer sustainable brands and second-hand clothing to reduce environmental impact. This shift is pushing fashion brands to adopt more ethical production practices.
Lottery Tickets
The allure of lottery tickets is waning among millennials, who view them as a poor investment. With a focus on financial stability, they are more likely to invest in stocks or savings. This decline affects state revenue generated from lottery sales.
New Cars
Millennials are less likely to buy new cars, opting instead for used vehicles or alternative transportation. Ride-sharing services and a focus on urban living reduce the need for car ownership.
Traditional Gyms
Millennials are moving away from traditional gyms, preferring boutique fitness studios and online workouts. Personalized fitness experiences and convenience drive this trend. The gym industry is adapting by offering more flexible membership options.
Fabric Softener
Fabric softener sales are declining as millennials question its necessity and environmental impact. They prefer natural alternatives like vinegar or wool dryer balls. This change is prompting manufacturers to develop eco-friendly laundry products.
Processed Foods
Health-conscious millennials are turning away from processed foods, opting for fresh, whole foods instead. The demand for organic and non-GMO products is on the rise. This trend is pushing food manufacturers to reformulate their products.
Golf
Golf is losing its appeal among millennials, who view it as time-consuming and expensive. They prefer more accessible and social activities like hiking or group sports. Golf courses are feeling the pinch and seeking ways to attract younger players.
Chain Restaurants
Casual dining chains are struggling to attract millennials, who prefer fast-casual or unique local eateries. The desire for healthier, customizable meals drives this preference. This shift is leading to closures and rebranding efforts among established chains.
Investment Properties
Millennials are less likely to invest in real estate, focusing instead on experiences and financial flexibility. Market volatility and economic uncertainty contribute to this trend. This shift is influencing the real estate investment landscape.
Warehouse Memberships
Bulk warehouse memberships, like those offered by Costco, are less popular among millennials. Smaller households and limited storage space reduce the appeal. This trend is pushing these retailers to adapt their business models.
Luxury Goods
Millennials prioritize experiences over material possessions, leading to a decline in purchases of luxury goods. Ethical considerations and financial priorities also play a role. Luxury brands are shifting strategies to capture this generation’s interest.
Financial Advisors
Traditional financial advisors are losing ground to robo-advisors and online financial planning tools. Millennials prefer the accessibility and lower costs of digital solutions. This change is driving innovation in the financial services industry.
Travel Agents
The rise of online booking platforms has diminished the role of traditional travel agents. Millennials prefer to plan their own trips using websites like Expedia and Airbnb. This trend is reshaping the travel industry and how travel services are marketed.
Starter Homes
The traditional starter home is less appealing to millennials, who often rent longer or buy later. High student debt and changing priorities influence their housing decisions. This shift is altering the real estate market and construction industry.
Landline Phones
Landline phones are virtually extinct among millennials, who rely solely on mobile devices. The convenience and multifunctionality of smartphones make landlines redundant. This decline is impacting telecommunications companies’ service offerings.
Cable Internet
Cable internet is becoming less popular as millennials opt for fiber-optic or wireless alternatives. The demand for faster, more reliable internet drives this shift. This trend is pushing internet service providers to upgrade their infrastructure.
Napkins
Millennials are ditching paper napkins in favor of paper towels or reusable cloth napkins. Practicality and sustainability are key factors in this choice. This shift is causing a decline in the traditional napkin market.
Josh Dudick
Josh is a financial expert with over 15 years of experience on Wall Street as a senior market strategist and trader. His career has spanned from working on the New York Stock Exchange floor to investment management and portfolio trading at Citibank, Chicago Trading Company, and Flow Traders.
Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business. He has held multiple professional licenses during his career, including FINRA Series 3, 7, 24, 55, Nasdaq OMX, Xetra & Eurex (German), and SIX (Swiss) trading licenses. Josh served as a senior trader and strategist, business partner, and head of futures in his former roles on Wall Street.
Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh currently holds areas of expertise in investing, wealth management, capital markets, taxes, real estate, cryptocurrencies, and personal finance.
Josh currently runs a wealth management business and investment firm. Additionally, he is the founder and CEO of Top Dollar, where he teaches others how to build 6-figure passive income with smart money strategies that he uses professionally.