Millennials—this term has been so ubiquitously used by everybody, whether in casual conversations or on social media. Indeed, this generation is present everywhere. They cover a large portion of the world’s current population. Also, they are the largest group of consumers. Therefore, they dictate the rise and decline of industries, depending on what they patronize. Here is a list of industries that thrive, thanks to their spending habits:
Food is a staple need across all generations. However, millennials need something to match their quick-paced lifestyles. Many fast-food franchises are gaining an advantage because of it. This industry continually keeps up with the demands of this generation.
Services are being updated in terms of menus, prices, and even how food reaches the consumers. The rise of mobile applications has made it possible for millennials to place their orders with just a few taps and have the food delivered right at their doorsteps. Self-service kiosks also hold an appeal to this generation as it saves them the time of having to wait in line for their orders.
Despite their busy schedules, millennials take notice of their health and prioritize staying fit. Because of this life choice, the fitness industry is rising once again. Gyms and boutique studios are booked with memberships and sessions.
The millennial’s choice to enroll in such places does not solely depend on their need to stay healthy. Instead, they also long for a sense of community. Group exercises are the core of boutique studios. Millennials like the concept of forming connections.
Skincare Products: Keeping the Appearances
Millennials are self-conscious people. It also helps that social media promotes having an impeccable self-image. Thus, the rise in sales of skincare products is inevitable. This generation is also a group of adventurous people. They love to mix and match concepts and colors. YouTube has a wide number of makeup enthusiasts outlining a detailed DIY session of how to apply and mix a complete line of skincare products.
However, this generation as consumers of skincare products is not ignorant. Because of the easy access to information, they can easily compare cosmetics and see which fits their needs. Their preferences can be based on the prices, ingredients used, or popularity of the brands.
A Cup of Caffeine
Coffee is among the biggest trends among the millennials. Their reasons for having a cup of coffee in hand range from having something to perk them up, a much-needed “me time,” a quick hangout with friends, or something to sip as they finish their work outside. Cafes are seen everywhere. Although these establishments seem to be a dime a dozen, they all have a strong stream of customers coming in.
Millennials are in love with traveling. They want to see and taste everything. Airbnb proves this statement when they conducted a survey in 2016 and came up with the result, saying that millennials prioritize traveling expenses against paying debts or saving for a new house. Airlines, accommodations, travel destinations, restaurants all benefit from this lifestyle choice.
For industries to thrive in the current market, they have to listen to what millennials need. Businesses and producers must think of ways to revolutionize their products for a greater number of consumers to buy them. It is safe to conclude that this generation would greatly impact commerce for a long time.