/Millennials are wrecking havoc on these 18 industries

Millennials are wrecking havoc on these 18 industries

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Bud Light BeerHollis Johnson/Business Insider

Millennials’ indifference or outright disdain have sent a wide range of industries into a slump in recent years.  
From golf equipment makers to razor manufacturers, changing millennial tastes have hit some companies hard. 
Here’s a list of industries that are struggling to keep up. 

Millennials have been blamed for a lot. 

But, in 2018, failing to win over millennials can mean the difference between growth and death for an industry. 

Millennials are growing up, moving out of their parents’ homes, and having kids of their own. But, their tastes still don’t necessarily line up with those of the generations that came before in some key ways. 

From napkins to motorcycles, here are the industries that have been hit hardest by millennials:

Casual-dining chains like Buffalo Wild Wings and TGI Fridays
Hollis Johnson

Executives may say that the death of the industry at the hand of millennials has been overstated.

However, the fact remains that brands such as Buffalo Wild Wings, Ruby Tuesday, and Applebee’s have faced sales slumps and dozens of restaurant closures as casual-dining chains have struggled to attract customers and increase sales. 

“Millennial consumers are more attracted than their elders to cooking at home, ordering delivery from restaurants, and eating quickly, in fast-casual or quick-serve restaurants,” Buffalo Wild Wings’ then-CEO Sally Smith wrote in a letter to shareholders in 2017, prior to leaving the company.

Millennial distaste for the category has been so great that Buffalo Wild Wings and TGI Fridays have actually said they don’t even want to be called casual-dining chains any more. 

“I don’t see the competitive set of Buffalo Wild Wings being a traditional casual-dining place,” Inspire Brands CEO Paul Brown said soon after Inspire completed its acquisition of Buffalo Wild Wings. “When it was growing gangbusters, it didn’t position itself against its traditional cast of casual-dining players.”

Traditional weddings
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Couples are increasingly ditching banquet halls and hotel reception rooms in favor of unconventional venues such as barns and farms, according to a survey from wedding website The Knot.

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In general, weddings — from venues to dresses — are becoming more casual. Wedding planners told Business Insider that many clients are getting married later and funding their own weddings, meaning they don’t have to stick to their parents’ traditions. 

“Ten years ago brides and grooms were relying on their parents to solely fund weddings,” said one planner. “Now people are empowered by doing what they want to do and they want it to be a reflection of who they are.” 

Hollis Johnson/Business Insider

Millennials simply aren’t drinking as much beer as generations past. 

Beer consumption among drinkers from 21 to 24 has fallen roughly 3% per year over the last 15 years. Beer penetration fell one percentage point in the US market from 2016 to 2017, while both wine and spirits were unmoved, according to Nielsen data. And, per-capita consumption of beer in the US dropped by nearly 10% from 2008 to 2017, according to Euromonitor data.

The brands that are being hit the hardest include massively popular American brands such as Coors and Bud Light. 

See the rest of the story at Business Insider

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