Millennials' spending power is growing, but as we know they aren't necessarily spending on what previous generations did. Today we're looking at five big things that Millennial consumers have been accused of starting to kill off in 2014...and what we really think about it.
Disruption really should be the word of 2014. This year, the focus was on industries being reimagined and reworked—and the young consumers flocking to innovation and leaving tradition in the dust. The auto and housing industries have had Millennial consumers as the demographic to blame for their struggle for some time now (even Millennials with high incomes are more interested in spending money on experiences than purchasing the McMansions their parents did). But as the generation ages into their peak spending power years, their shifting tastes and behaviors are being blamed for threatening to kill off, or at least maim, plenty of other industries, brands, and products. We’ve reached the point where this generation isn’t just influencing other consumers and impacting a few industries—they have the power to truly bring businesses to their knees, and the speculation about who’s at risk was running wild in 2014. Here are five things that Millennials were accused of threatening or beginning to kill off this year:
1. Big Box Stores
In March, Time reported that bulk-buying haven Costco was “Facing a Looming, Bulk-Sized Problem” as Millennials age into their demographic. The generation that has fewer cars and prefers urban living isn’t as likely to buy the amount of products that require a vehicle to transport and plenty of storage space, and Costco reportedly wasn’t planning any dramatic changes to lure younger consumers. Millennials don’t just lack space, they also have a different approach to buying food than…