Many are burdened by student loan debt, as median incomes have failed to keep pace with the skyrocketing costs of four-year college programs. They earn less, hold fewer assets, and have less wealth than members of previous generations did when they were their age, according to the Fed. The media caricature of millennials glosses over how changing consumer preferences are driven by complex factors - like millennials’ financial situation, the ethics they want their products to embody, and their greater focus on health. Why the millennial generation is so different In this report, we explore 14 key consumer areas that millennials have been accused of “killing” - and dig into the real story behind the clickbait headlines. In fact, millennials eat out more often and spend more on restaurants than any other generation. They’re not abandoning gyms they’re opting into studio classes and alternatives like Peloton.Īnd they’re not killing casual dining. Millennials aren’t shunning luxury goods they’re just renting them instead of buying. It’s true that millennials’ entry into their prime earning years has coincided with the decline of industries like luxury goods, chain restaurants, department stores, and many others.īut in most cases, the real story is more complex than catchy headlines can really do justice.
