As the millennial generation has grown up in the past 15 years or so, there have been more changes to different sectors. What they spend their money seems to be the most significant factor when it comes to a discussion on how they live. Like any other generation, they do affect what goes on around them, including fashion, entertainment, music, and consumerism. Millennial’s are determining specific sectors and what will become of them.
Corporate Restaurants
During the 1980s through the 1990s, casual dining was part of the American suburban experience. Sitting in an over plush booth with its’ faux leather at Applebee’s or Olive Garden was a fun Friday night out with friends and family. Nearly 30 years later, dining out is no longer about which corporate restaurant people eat at; it’s about the higher end and higher quality food. Millennial’s have switched from the corporate chains to chef-driven and healthier restaurants.
Malls and Shopping
Almost all the movies from the ’80s and 90s had some scene where the high school teenagers were hanging out in the mall or going shopping at a Macy’s or Dillard’s department stores. Now, most millennial’s are doing all of their shopping online with Amazon or Zappos. With a lot less time consumption, better price comparison, and packages delivered directly to the front door, they learned to take convenience to the next level.
Housing
Most of the Millennial generation grew up or saw the Great Recession of 2008. In turn, they have learned a lot of lessons on what to do and not to do when it comes to buying and selling property. Millennial’s are making less than the previous generations, but they still want to live a more beautiful, walkable, and safer neighborhood or complex. Most of the larger metropolitan cities in the United States have seen rents rise in recent years; partly because millennial’s are pickier about where they live, what amenities they have and what is in their local community.
Cable
Cable used to be a sign of luxury for most households at one point, however, with more devices in the house that are capable of streaming and the lower cost, younger people are cutting the cord. Cable does not have enough benefits to attract young people to use cable more than streaming services.
Healthcare
As technology continues to grow and has an effect on people’s day to day lives, the healthcare industry has also felt the change since the millennials grew up. Technology allows a physician to be able to have appointments with patients via computer or TV, thereby freeing up time and offering more accessibility to patients which Dialogue offers and does. Walk-in clinics are used by millennial’s than any other generation because of less time in the waiting room and going when it suits their needs and not a doctor’s.
Gyms
The large gyms like LAFitness, are also taking a hit as a shift change has come for people trying to stay in shape. Millennials are heading to group fitness classes rather than working out alone. They are willing to spend more money for the studio gyms rather than the traditional gyms with workout machines and pressure to buy a personal trainer’s time. Apps have come around to where someone can purchase a monthly pass to multiple types of classes so they can change up their workouts on their time.
It seems that many sectors are having to change or move towards the Millennial way. Their way is all about time-saving, money conscience, sustainability for the planet, and convenience; so if an industry or company is unwilling to change than they might not bode well when it comes to surviving this Millennial generation.