It's Over For These Industries
Everyone likes to rag on millennials and oftentimes, the criticism is overexaggerated. But when it comes to these industries, millennials really will be the death of them.
1. Golf
While many people took up golf during the pandemic, interest in the sport is back on the decline. Many point to millennials' disinterest in the game as being a major problem, in addition to the aging out of baby boomers.
Golf
While millennials have enthusiastically taken up new fitness trends, golf is just too boring for most. It's also too expensive, with many viewing golf courses as costly wastes of green space and natural resources.
2. Bar Soap
Over the last few years, the sale of bar soap has seen a steep decline, even while the rest of the shower-and-bath category experienced growth. And millennials are to blame.
Bar Soap
A study by Mintel highlighted that 48% of US consumers think bar soaps are crawling with germs after they're used. This sentiment is notably stronger among people aged 18-24, where 60% share this concern, compared to only 31% of older consumers aged 65+.
3. Diamond Rings
According to CNBC, fewer millennials are tying the knot, and for those who do, nontraditional rings are becoming more popular choices. A lot of the issue is the price—millennials just can’t afford a diamond.
Diamond Rings
Some also have concerns about the source of the diamond, opting for sustainable lab-grown diamonds instead of mined natural ones.
Amid a global decline in diamond sales, organizations like the Diamond Producers Association are striving to attract millennial buyers by revamping the branding of their gems.
4. Owning Cars
The cost of cars has always been high, but in recent years, it's reached unprecedented levels. To cut costs and reduce their environmental impact, millennials are increasingly opting for ride-share services like Uber instead of buying their own car.
Owning Cars
Walking, biking, and public transportation are also the preferred options for millennials. Not to mention, the rise of remote work has made car ownership less necessary for many, further fueling the trend towards less car ownership among millennials.
5. Fabric Softener
Over the last few years, there's been a significant decline in fabric softener sales—across the board, there's a been a 15% drop in sales in the US, with the most popular brand, Downy, experiencing a 26% decrease in revenue.
Krakenimages.com, Shutterstock
Fabric Softener
That drop in sales is attributed to more than just lack of interest from millennials. Procter & Gamble's head of global fabric care noted that millennials don't even seem to know what fabric softener is—even though it's in the title.
6. Department Stores
The rise in popularity of fast-fashion giants like H&M and Zara has taken its toll on traditional retailers like Macy's and Sears. As it stands, there are only 12 Sears stores and six Kmarts in the entire US.
Rept0n1x, CC BY-SA 3.0, Wikimedia Commons
Department Stores
A major reason for the closures is millennials' spending habits, which favor experiences such as dining and travel over conventional retail shopping. Their focus on affordability drives them to choose private-label products instead of designer brands, dealing another blow to traditional department stores.
7. Designer Bags
Millennials' preferences are also impacting sales in the designer handbag market. Brands like Michael Kors and Kate Spade are grappling with dwindling interest among millennials, prompting them to make significant discounts on handbags.
Ironically, the popularity these brands once enjoyed has played a role in their decline.
Designer Bags
According to industry expert Robin Lewis, widespread popularity can spell trouble for trendy fashion brands since it often leads to higher prices on goods.
Unfortunately, millennials aren't willing to fork out the big bucks for designer bags. Lewis called this phenomenon a "kiss of death" for these brands.
8. Gyms
Millennials are all about their fitness but they're moving away from traditional gyms in favor of boutique fitness studios that provide specialized classes. This shift highlights their preference for flexibility and spontaneity in their workout routines.
Gyms
Recent data from Foursquare shows a shift in gym visitation patterns, with places like 24 Hour Fitness, Snap Fitness, and New York Sports Club experiencing a 5% decrease in visits over the past year. Meanwhile, visits to boutique fitness centers have grown more popular.
9. Banks
Millennials aren’t shy about showing skepticism toward financial institutions, and they often avoid actually walking into a bank. While banks are unlikely to disappear completely, traditional brick-and-mortar branches may become rare sights.
Banks
BI Intelligence data reveals that nearly three-quarters of millennials with bank accounts visit a branch once a month or less. Almost 40% refuse to step foot in a bank at all.
10. Football
Both college football game attendance and NFL viewership have experienced recent declines.
Analysts blame the drop on several factors including the 2016 election, protests by NFL players kneeling during the national anthem, and a perceived decline in the excitement for the game itself.
Football
However, one explanation directly implicates millennials: the increasing trend of people abandoning cable subscriptions.
Instead of paying for cable, many fans who want to watch the game prefer going to a sports bar or gathering at a friend's house. They are also increasingly turning to their smartphones to catch the game, opting to skip traditional TV broadcasts.
11. Oil
Millennials' perception of the oil industry has created problems for workforce recruitment and customer retention, which could impact the sector's future.
According to McKinsey, 14% of millennials are hesitant to pursue careers in oil and gas because of the industry's negative reputation—that's the highest rate out of all the industries surveyed.
Oil
To add to the concern, teenagers—AKA Gen Z—are even more critical, with two out of three believing that the oil and gas industry exacerbates issues like climate change and pollution rather than offering solutions.
12. Light Yogurt
According to Nielsen data, sales of light yogurt have experienced an 8.5% decline, plummeting from approximately $1.2 billion to $1 billion.
This decrease contributed to an overall decline in the yogurt industry, with sales dropping by 1.5%. It may seem like a small loss, but experts are concerned since we're seeing another consecutive year of declining sales.
Light Yogurt
The drop in light yogurt sales indicates a shift in consumer preferences, with millennials favoring natural, protein-rich foods over low-calorie and low-fat options. This trend has notably benefited Greek yogurt, which appeals to more health-conscious consumers.
13. Napkins
According to a survey by Mintel, younger consumers are increasingly choosing paper towels over napkins. Only 56% of shoppers reported purchasing napkins in the past six months, while 86% said they bought paper towels during the same period.
Napkins
Most people say they prefer the versatility of paper towels, which can be used for many purposes beyond cleaning up spills.
14. Motorcycles
AB analyst David Beckel noted that their data is showing that millennials have less enthusiasm for motorcycles compared to previous generations. This waning interest has contributed to a decline in Harley-Davidson shares, making them on par with other motorcycle companies as opposed to outperforming them like they used to.
Motorcycles
Over the last few years, sales at Harley-Davidson have been on the decline, with their expected revenue for 2024 projected to be 5-9% less than in 2023.
Steve Daniels, CC BY-SA 2.0, Wikimedia Commons
15. Movie Theaters
Over the past few years, movie theaters have made improvements to their screens, sound quality, and concession offerings. But even with these improvements, millennials aren't buying tickets like they used to.
Movie Theaters
The rising cost of tickets has become a significant issue, causing many people to prefer streaming movies at home. This allows lets them enjoy the movie in peace, free from rowdy audience members.
16. Dining Out
For some, dining out is the thing to do for a special occasion or a nice treat. But for many millennials, going to a restaurant can feel like more trouble than it's worth due to long wait times, unpredictable service, and the pressure to tip generously regardless of service quality.
Dining Out
It's no surprise, then, that meal delivery and takeout services have become popular, convenient alternatives to traditional restaurants.
And while some millennials do indulge in dining out, it’s a lot less frequent than their boomer counterparts.
17. Lottery Tickets
Many of us have dreamed of winning the lottery, but recent research reveals that millennials aren't the ones shilling out cash on lotto tickets. It's mostly the older generations funding this industry.
Lottery Tickets
Cultural attitudes towards gambling are the main reason for the disparity in lottery ticket purchases among different age groups. Economic circumstances are also a big reason—most millennials don’t see a point to wasting money on a chance to win big.
18. Landlines
The decline of landlines is a trend observed across generations, but millennials are unique in that many have never experienced growing up with landlines at all.
Landlines
One factor in this trend is the widespread availability and convenience of cell phones, which offer versatile communication options and flexibility that just can't be matched by landlines. Millennials tend to prioritize that flexibility and accessibility, further diminishing the appeal of landline phones.
19. Wine Cork
During the early 2000s, many wine producers transitioned from cork to metal screw-off tops as a way to prevent cork taint, which spoiled up to 10% of bottled wines. But we can thank millennials for the continued use of the screw-top.
Wine Cork
Millennials like the convenience and reliability of screw-off tops, so most aren’t looking to go back to cork, which can be a hassle to uncork.
Additionally, millennials tend to be environmentally conscious and view real cork as less sustainable than screw caps or synthetic corks.
20. Fast Food
Fast food, much like cars and cruises, is deeply ingrained in our culture and is unlikely to disappear anytime soon. However, there's a notable shift among younger generations towards healthier dining choices, even if they cost more.
Fast Food
Concerns about obesity rates and the environmental impact of fast food production are the main things turning millennials off from fast food.
Millennials also tend to prioritize quality over convenience, seeking out options that provide fresh, locally sourced ingredients and adhere to sustainable practices.
