My sister's and my new favorite gimmick is talking about what millennials are ruining today. Sometimes, it’s something stupid like how we ruined the corkscrew because as a whole we are opting for more “alternative closures.” We also managed to ruin casual dining by not spending our money at restaurants like Applebee's and T.G.I. Fridays.
Obviously, I have a lot of time on my hands if I can simultaneously ruin the United States housing market, chain restaurants and the wine industry. While it’s funny to joke about, I think what these stories are showing is that millennials have different consumer interests than previous generations.
And if industries and businesses would like to blame anyone, they should blame themselves. In a mixed economy like the U.S. has, businesses need to adapt to stay afloat. If these businesses cannot adapt, they deserve to go out of business.
As a group, millennials are more likely to live at home after college. This is mainly due to student loan debt. And as a whole, they make less money than their baby boomer counterparts of 50 years ago. Because of this, millennials are more likely to be conscious about how they spend their money. This has drastically changed consumer behavior patterns. Compared to older generations, millennials are more likely to pay for the convenience and accessibility. This has lead to the increase in services like Uber and self-check kiosks.
Moreover, millennials are less likely to be influenced by advertising than older generations. However, one of the most significant trends is that millennials would rather pay for an experience than a good, and that they want this experience to be unique. I have heard many older people say that this is entitled behavior. But if I only make a certain amount of money, then I am more likely to spend it on a unique food experience than on a restaurant where I can get the same food in my hometown or on vacation. I think that’s logical. The majority of my generation does as well. So why are we being blamed for buying these services?
As a whole, millennials are soon going to be the largest section of consumers in the United States. This means that businesses should look into targeting what millennials want. And while some brands, like Starbucks, are doing that very successfully, many more seem to think that millennials are stupid.
After years of decreasing sales in fabric softener, Johnson & Johnson's head of global fabric care said it was because millennials didn’t understand what the purpose of the product was. Most of my peers can understand what fabric softener is for. We just don’t see the purpose of buying it. And yet, businesses that need our money prefer to blame us than to question what they’re doing might be wrong.
So maybe millennials as a group will kill another industry, but honestly, if these industries can’t adjust, I’m not very sorry. There are hundreds of other businesses that can and will replace it.
npatwari@indiana.edu
