Millennials are threatening dozens of industries. They don’t buy napkins. They won’t play golf. They aren’t buying homes or cars. And they’re not even eating at Buffalo Wild Wings. When millennials decide en masse against purchasing certain items, from hot wings to homes, it has a measurable, negative impact: declining sales, layoffs, and, in some cases, bankruptcies.
How is it they all banded together to wreak such havoc?
Debt and a lack of money in savings obviously make it harder to make major investments such as buying houses or cars. Couple this with a lack of trust in financial institutions (again, thanks to the recession) and you have a generation that is more likely to spend on experiences or something they can enjoy now, instead of saving up for an uncertain future.
Is the millennial motto, “Eat drink, and be merry, for tomorrow you may die?” That could catch on. Maybe it did already.