The millennial generation is killing all of the customs, traditions and staples of our society that we have known and loved for several decades. Millennials - those born between 1980 and 2000 - are transforming the economy and embracing technologies that are putting various industries in the dustbin of history.
It is a bit of an exaggeration when some authors say that millennials will end the automobile industry and real estate sector. However, it wouldn’t be melodramatic to suggest that there will be some industries that will be sent out back and put down by the millennials, the largest consumer generation today.
Let’s face it: technological advancements, progress and behavioral changes that we are already witnessing affect an array of industries, from taxicabs to fast-food juggernauts. Indeed, despite millennials getting a bad reputation on a regular basis, they are making positive changes to our society.
Here are five industries that millennials will kill in the next 25 years:
1. Cable Television
Cord cutting is the latest trend in the world of television. It started a few years ago when consumers started to use Netflix to stream motion pictures and television shows rather than simply wait until it was available on DVD. Moreover, this trend has mostly been embraced by millennials.
As we reported earlier this year, cord cutting is occurring at a rapid and record rate, according to Nielsen figures. Traditional television consumption fell 10.6 percent between Sept. 2014 and Jan. 2015 in the ever-important 18-to-34 demographic. Unless cable companies adapt, they could be saying bye-bye in a couple of decades.
Well, cable companies are already beginning to adapt to this environment:
- Verizon is offering an a la carte Internet and television option.
- AT&T is slashing prices to their Internet and TV combos.
- Dish is providing customers with a $20 Sling TV streaming service.
- HBO Now and Showtime are maintaining their own streaming networks.
Whether or not cable companies survive in the coming years remains to be seen, but cable television may be eliminated from our pop culture vernacular in the next two or three decades.
2. Everything Fast-Food & Unhealthy
Look, everyone knows just how bad McDonald’s, Burger King, Taco Bell and other fast-food restaurant menu options are for you. This has been widely known for at least a decade now - thanks to "Super Size Me," a documentary very important to many millennials.
Although it has recently been revealed that millennials are just as budget-conscious as the rest of the population, they still desire healthier food options. This is why some companies are trying to adopt certain practices, like the introduction of salads, a decrease in food hormones and using high-quality meat.
As sales at the likes of Subway, Whole Foods, and Starbucks stay strong, McDonald’s has been experiencing its biggest slump in a decade. That is primarily due to customers in their 20s and 30s shunning the brand.
3. Brick-and-Mortar Retailers
Is the death of brick-and-mortar retail grossly exaggerated? It depends on whom you ask.
In recent years, there have been news stories of zombie malls that have ultra-high vacancy rates. In addition to this, many brands have been shutting down a great number of their stores and heading online to embrace e-commerce. This trend is because of everyone’s infatuation with the likes of Amazon and Overstock.com.
When millennials can simply purchase electronics, clothing, DVDs and other items with their computers and mobile devices, why would they bother heading into a store and spend more money? (Unless they want a showroom.)
Physical stores will likely exist - coffee shops, the furniture store, an auto dealer - in 20 years but they won’t be as prevalent as they were 20 years ago.
Uber and Lyft have opened our eyes to the dangerous monopoly of taxicabs.
Uber and Lyft provide consumers with cheaper alternative transportation in a cleaner vehicle, a nicer driver and safer experience. We all have at least one experience of a rude cab driver, providing an expensive ride for a few blocks in a very, very dirty vehicle.
Although the taxi lobby, bureaucrats and politicians are trying to prevent the rise of Uber and Lyft through intense regulations, prohibitions and costly court cases, the technology will eventually win out. If it isn’t Uber, it’ll be somebody else. Besides, thanks to these two companies, the traditional taxi industry has already been turned upside down.
Much like Uber and Lyft, Airbnb has threatened the existence of hotels. The room-sharing app has been very successful in giving travelers an inexpensive alternative to the expensive hotel room at the Holiday Inn, Marriott or Hilton. Again, similar to Lyft and Uber, Airbnb is facing a tremendous amount of lawsuits and push back from the hotel industry and bureaucrats.
6. Honorable Mention
Millennials are the least religious generation in U.S. history. Praying, religious institutions and religion itself are unimportant to the average millennial, according to a new study authored by Jean Twenge, San Diego State University’s psychology professor.
Does this spell the end of churches, synagogues and other religious facilities? If a great number of millennials are indifferent to religion then how will their offspring feel? Likely the same.
See Also: May Millennial Data
There is resistance to the end of these industries. It means the reduction in workforce levels. It means the destruction of tradition. It means the end of something we’ve been very used to for all these years. However, moving forward is refusing to look back, and if the likes of taxicabs and unhealthy burger joints are the casualties, then this is just part of progress.
Remember, something else will always take the place of McDonald’s when it comes to serving food fast. This is what market economies do: serve the demands of the general public.
Do you think millennials will kill any of these industries or is it all just a bit dramatic? Your thoughts and comments below please...