One of the most common types of articles that you may see on social media is the ‘millennial industry’ type of analysis.
In short, the habits of young people are changing, millennials are very influential – especially online – and this is causing some industries to be less successful than they once were.
It’s not inaccurate to say that the habits of young people are causing industries to change. Young people like things to be convenient, customisable, and with so many options, they like to shop around and find the best product or service that works for them. While some industries have been slow to adapt and have thus found their sales in decline, some older industries have been able to appeal to young people and are becoming successful again.
For decades, the game of bingo had a reputation as being something that older people would play. Grandparents would have good memories of going to a bingo hall to meet their friends and playing bingo was a popular pastime. As there have become more things for young people to do, some will have turned away from bingo.
However, playing bingo is becoming popular again because of smartphones and the ability to play bingo online. You don’t have to go to a bingo hall to play any more – you can access an online bingo site from your smartphone, tablet, or your computer, and quickly find a game that you like. Many young people have also turned it into a social occasion, inviting their friends round so that they can all play together – or even head to bingo club nights
The cost of coffee in the UK has grown by 20% compared to 2011, according to some reports. It is now more expensive than to grab a cup of java on the go, although it is cheaper for high street coffee brands to brew and purchase the coffee beans.
This is largely due to supply and demand. While buying quality coffee may have been seen as a luxury for some back in the day, for younger people, it is part of a daily routine. They may buy coffee every day, potentially multiple times a day, and this has made the UK high street coffee market so profitable that it is now larger than Italy’s.
For all people – old and young – gym memberships have always been seen as expensive. People have criticised their contracts, which make it so that you have to pay fees for six or 12 months, and there may be fees if you want to leave your contract early.
However, it has been reported that gym membership spending in the UK has increased by 44% because of budget gyms offering more flexible contracts to suit younger people. Younger people love convenience, and as gym memberships become more convenient, more have been interested in signing up.
Some industries are going to find it difficult to appeal to young people because their habits have changed and no amount of convenience or routine changes will address that. However, for other industries trying to adapt, these industries can be the blueprint.