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Millennials aren't buying things, and the media is ON IT.
Classics of the millennials-aren't-buying genre contain a few brute demographic facts — millennials are young and don't have a lot of money — and if you're lucky, they'll add a generous hit of the pop psychology that is the specialty of marketing executives who explain the unexplainable.
Here's a few of the things that millennials aren't buying, and why.
1. Fabric Softener
Wall Street Journal / Via wsj.com
Why?
“Shailesh Jejurikar, P&G’s head of global fabric care, told analysts recently that most millennials 'don’t know what the product is for.'”
2. Homes
The Atlantic / Via theatlantic.com
Why?
“They’ve merely hit the pause button on parenthood and mortgages. For the supermobile, one might say, your 30s are the new 20s.”
“Millennials who grow up in poor neighborhoods are less likely to move, less likely to go to college, and even if they go to college, they are less likely to leave their zip code…They are stuck.”
3. Diamonds
Why?
“Young consumers increasingly shun the taint of conflict and exploitation.”
4. Life Insurance
CNBC / Via cnbc.com
Why?
“The majority of millennials, like Kronick, also said life insurance was too expensive and they had other financial priorities that far outweigh buying it.”
5. Lottery tickets
The Globe and Mail / Via theglobeandmail.com
Why?
“We know that this young adult demographic has changed and that the kinds of games we’re offering – the big lotto games – are not necessarily as appealing to today’s younger adults.”
6. Bars of soap
CBS / Via cbsnews.com
Why?
“Millennials believe bar soaps are covered in germs after they are used.”
7. Cereal
The Washington Post / Via washingtonpost.com
Why?
Almost 40 percent of the millennials surveyed by Mintel for its 2015 report said cereal was an inconvenient breakfast choice because they had to clean up after eating it.
8. Golf
The Wall Street Journal / Via wsj.com
Why?
“It's slow, takes a long time to play; it's expensive. As a sport it doesn't reflect the kind of values millennials like—diversity, inclusion. Golf tends to not be those things.”
9. Mass-market American beer
CNBC / Via cnbc.com
Why?
“I think that there's a move towards innovation, flavor, variety, and all of those spell craft.”
10. Cable
Business Insider / Via businessinsider.com
Why?
“You look at the demographic change in behavior and some of that is situational. People don't have houses, don't have big screen TVs, don't have money.”
11. Big Macs
Wall Street Journal / Via wsj.com
Why?
Only one in five millennials has ever tried a Big Mac, according to a memo from a franchise owner, obtained by the Wall Street Journal last year. The Big Mac, the memo said, “has gotten less relevant.”
12. Stocks
Bankrate.com / Via bankrate.com
Why?
“When we asked millennials why they don't invest, the most popular response, chosen by 46%, was that they don't have the money.”
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