Millennials are now 25 percent of the U.S. population, 30 percent of the voting age population, and almost 40 percent of the working age population.This means can have a huge impact on your industry.
‘Industry’ or ‘industries commonly follows the words “millennials are killing”, but let’s look at a couple of the industries we have apparently killed:
Millennials are killing real estate.
Actually, Millennials are renting longer, then buying more expensive homes later on. There’s a change in the market, so there may be an opportunity for house flippers to buy up the starter homes to flip, and sell to older millennials.
Millennials are killing credit cards.
Well, Millennials catching on to how terrible the personal debt industry shows responsibility. The economy is already on shaky ground, and this generation wants to keep their heads above water. While older generations likely already have credit cards, younger people are opting out of them altogether.
The opportunity here could be to offer debit and cash options on your ecommerce stores, so you don’t miss out on the sales for those going without credit cards.
Millennials are killing Cheese.
Millennials are avoiding fake, processed foods in general. They prefer more natural products, or plant-based alternatives, so the opportunity in the market is to adjust your product offerings to appeal to customers.
Many of the industries Millennials are "killing" are not timeless cultural industries being cruelly decimated by a generation of kids. Many of them weren't even around when our parents were in college.
I’ll admit, we are different from previous generations, who simply bought what was produced and marketed to them. Our generation researches and compares products prior to purchase, opening the door for smaller brands to gain traffic.
This is really great for small to medium businesses.
Now, the market is rich with independently-owned brands who understand the importance of engaging the younger generations to create long-term customers.
Think about the Harry Potter books, for instance. I was 10 when I read the first book, where the protagonists were 11 and 12. The book was clearly written for my age level.
J.K. Rowling could have kept a similar tone to all the books, but she didn’t. As the characters aged, the story matured, and her audience grew up right along side it. The Harry Potter series was once of a few which grew with its readers, and has become a favorite for many because of this.
I think the point has been made. Blaming a generation for killing any industry is complete silliness, and a deflection of blame. The truth is, your business kills itself by not adapting to the market.