Many have blamed the millennial generation for destroying the economy by saying that they have not been investing in certain companies and products. People are now claiming millennials are “killing” certain products and industries like golf, cereal and even department stores.
But what many people do not understand is that the situation is more complicated than millennials supposedly causing commercial damage. Millennials’ choice not to buy certain things is actually good for the economy.
Capitalism is centered around supply and demand, constantly forcing companies to innovate. Since millennials are not able to afford the same luxuries that their parents could at their age, including name brand food, cars, top notch appliances and even houses, many typically pricey industries are dying out.
Some of the companies that have not kept up are trying to blame millennials rather than trying to adapt to the new market – which is not how a company can survive in a capitalist country.
Which industries are “dying”?
There are a few industries whose decline millennials are said to be responsible for. Taking obscure examples such as millennials killing dinner, marriage and vacations out of the picture, here are a few major things that millennials are supposedly “killing.”
In some rich lifestyles, golf seems to be a staple. The declining golf industry is sometimes blamed on millennials, who do not pick up the game as much as their Boomer parents. Certain sporting good companies are suffering because of this and claim that their livelihood is being hurt because of those darn millennials.
Many retail stores hold millennials responsible for their decline, as fewer and fewer millennials purchase their goods at physical stores, and instead buy online. These stores include Sears, Macy’s and other department stores.
Some even say that millennials are too lazy to eat cereal in the morning anymore, claiming that they do not want to clean up afterwards. Consequently, millennials’ laziness is cited as a reason why the cereal industry is dying. This claim is clearly extreme and comes from someone that has little knowledge of the typical millennial’s daily routine. Getting out cereal, milk, a bowl and spoon and putting them back is probably easier cleanup than most other typical breakfasts associated with the generation, like protein shakes and smoothies.
Why can’t millennials invest in these products?
While the indolence of millennials is the common reason given for why these industries appear to be dying, there are actual, legitimate reasons as to why these industries are on their way out.
For golf, considering how low in activity the sport is, and with the pressure to have a better body, many millennials tend to avoid it. They instead go with cycling, running or other high-intensity sports in order to look better. Golf should not feel bad; there are plenty of sports, including hockey, NASCAR, and boxing, that aren’t nearly as popular today as they were in past years.
Certain retail companies, such as Barnes and Noble, have noticed that millennials have less money to spend and, as a result, need to accommodate them by enhancing online sales. While department stores still have use, such as to physically store certain products or to provide physical interaction, their decline is solely based on companies refusing to modernize.
Finally, the case of cereal continues the idea of keeping a better body. More millennials believe that cereal gives a sugar rush as opposed to actual energy, so while they might eat it as a snack every so often, it is hardly a breakfast food that fits with the millennial diet. This is essentially a wake-up call for cereal companies to make a healthier product, or risk losing money.
In short, even if millennials are killing everything that Americans hold dear, that is simply the way capitalism works. The millennial generation is just trying to lead the healthiest lifestyle it can, with a limited budget.