Are you wondering why some products aren't flying off the shelves like they used to? Millennials might be the reason. As the largest living generation, their buying habits are reshaping the marketplace.
From canned tuna to designer handbags, there are certain items they're just not interested in anymore. Curious to find out what these are? Here's a list of 12 items millennials are saying ‘no thanks' to.
So, if you are wondering why your business is not meeting its targets or just curious about the latest trends, keep reading.
1. Canned Tuna
Millennials are increasingly turning their noses up at canned tuna. Why? It seems to come down to a preference for fresh, less-processed foods.
The convenience of a can doesn't quite cut it for this generation, who are more health-conscious and environmentally aware.
Plus, let's not forget the competition from fresher seafood options. And there's another surprising factor – many millennials don't even own can openers! So, goodbye tuna cans, hello sushi rolls and fresh fish tacos.
2. Traditional Banking Products
The digital age has brought about a shift in how millennials manage their money. They're ditching traditional banking products for digital alternatives that offer convenience, transparency, and no hidden fees.
With their lengthy processes and paperwork, brick-and-mortar banks just don't appeal to the tech-savvy, mobile-first millennials.
Instead, they opt for online banking, digital payments, and apps that let them handle their finances at their fingertips, anytime, anywhere. So, it's out with the old and in with the new when it comes to millennial banking habits.
3. Golf Clubs
Millennials aren't swinging for golf clubs like generations before them. The reasons? Time and money. Golf is time-consuming, often taking more than four hours to complete a round.
In our fast-paced world, millennials value speed, efficiency, and flexibility – something the game of golf struggles to provide.
Add to that the hefty price tag associated with golfing equipment and club memberships; it's no wonder why this generation is choosing to spend their time and money elsewhere.
4. Diamonds
When it comes to diamonds, millennials are making a shift. They're more conscious about the environment and ethical sourcing, which makes the diamond industry's history of conflict and environmental damage a significant concern.
Plus, they're facing financial pressures like student debt and high living costs, making pricey diamond jewelry less appealing. Instead, many are opting for alternative, more affordable, and ethical options like lab-grown diamonds or vintage pieces.
5. Bar Soap
Millennials are giving up on bar soaps, and it's not hard to see why. Many believe these traditional soap bars harbor germs after use, making them a less hygienic option than their liquid counterparts.
This perception, combined with a preference for more luxurious and convenient shower experiences, has led to a decline in bar soap sales among this age group. For example, body wash, bath bombs, and liquid soap have become increasingly popular.
So, the old-fashioned bar soap seems to be taking a backseat in the millennial cleansing routine.
6. Lottery Tickets
The thrill of the lottery doesn't seem to hold the same allure for millennials. This generation is less likely to buy lottery tickets for a few reasons. They're more financially savvy and understand the slim odds of hitting the jackpot.
Two, millennials prefer spending their money on experiences rather than a chance to win cash. Lastly, the traditional lottery doesn't offer immediate gratification, something that doesn't quite sit well with the “want it now” mindset of many millennials.
So, while the dream of winning big may be exciting, millennials would rather bet on sure things.
7. Traditional Cable Packages
Millennials are cutting the cord on traditional cable packages. In the age of Netflix, Hulu, and other streaming services, cable doesn't offer the same flexibility or affordability.
Plus, millennials watch nearly 50% less TV than adults over 35, making cable subscriptions seem unnecessary.
The cost is another deterrent, with many millennials preferring to invest in internet services for streaming rather than paying hefty cable bills. The trend is clear – for millennials, it's out with cable and in with streaming.
8. Print Newspapers and Magazines
The digital revolution has hit print media hard, especially when attracting millennials. This generation is digital-native, meaning they've grown up with the internet and smartphones, making them more likely to consume news and entertainment online.
Plus, the environmental impact of print media is a concern for eco-conscious millennials. They prefer digital versions that are more sustainable and offer interactive content, immediate updates, and the convenience of reading anywhere, anytime.
So, it's safe to say that print newspapers and magazines are losing their appeal among millennials.
9. House
The dream of homeownership is slipping away for many millennials – from skyrocketing house prices to the burden of student loans; the financial challenges are daunting.
Many millennials also prioritize flexibility and mobility, which clashes with the long-term commitment of owning a home.
Furthermore, the shift towards urban living has made renting more appealing. While some millennials aspire to own a home, the harsh economic facts often make it seem like an unattainable dream.
10. Fabric Softener
Millennials are saying no to fabric softeners. Why? For one, they don't see the need for it.
With advancements in laundry technology and detergents, clothes come out of the wash softer than ever. Moreover, the extra cost and step in the laundry routine is viewed as unnecessary.
Environmental concerns also play a part. Many fabric softeners contain environmentally harmful chemicals, leading eco-conscious millennials to seek greener alternatives. So, while fabric softener was once a laundry staple, it's losing its spot in the millennial household.
11. Life Insurance
The thought of buying life insurance doesn't sit well with many millennials. They often perceive it as an unnecessary expense, especially when balancing other financial priorities like student loans and rent.
Additionally, the lack of dependents among this age group makes life insurance seem less crucial. Some millennials also find purchasing life insurance from traditional companies outdated and confusing.
Lastly, there's a common misconception that life insurance is much more expensive than it is, which discourages millennials from exploring this financial safety net.
12. Designer Items
High-end designer items are seeing less love from millennials these days. This generation values experiences over material possessions and views expensive designer items as less essential.
Plus, with the rise of sustainable and ethical fashion, many millennials prefer brands that align with their values, even if they're not high-end. They're also more likely to invest in quality pieces that will last rather than splurging on a designer name.
So, while designer brands may offer status and luxury, millennials are seeking value, sustainability, and longevity in their purchases.
Millennials Are Unique
Millennials are arguably the most unique and influential generation, shaping trends in various industries. Their preferences for sustainability, experiences, convenience, and affordability have led to shifts in consumer behavior that are hard to ignore. It's unsurprising that traditional products and services are losing appeal among this generation. As millennials shape the market, businesses must adapt and innovate to meet their evolving preferences and needs.
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I’m Steve. I’m an English Teacher, traveler, and an avid outdoorsman. If you’d like to comment, ask a question, or simply say hi, leave me a message here, on Twitter (@thefrugalexpat1). Many of my posts have been written to help those in their journey to financial independence. I am on my journey, and as I learn more I hope to share more. And as always, thanks for reading The Frugal Expat.
