Kewho Min, Accountant, On Millennials' Purchasing Habits

The Millennial generation, for better or worse, is synonymous with laziness and self-entitlement. Whether or not this particular generation deserves to be associated with these characteristics is not what I’m here to discuss. Instead, I wanted to look at another distinguishing characteristic of the Millennial generation; one that can be quantified and studied. Apparently, Millennials are killing off a variety of longstanding industries. I wanted to highlight a few of them in order to give some context into how this generation behaves and thinks.

Homeownership
This is probably the most obvious industry you’ll find on the list. It’s no real secret that millennials are hesitant when it comes to buying a house. According to a report from Urban Institute, Millennials are simply not interested in purchasing homes; or, at least, they are are not as quick to purchase a home, at least when compared to their generational predecessors. In the report, Urban Institute’s Laurie Goodman explains that Baby Boomers wasted no time in buying a house, whereas Millennials simply drag their feet. The report also believes that the decline in marriages among Millennials is partly responsible for the lack of homeownership.

Paper Napkins
This might come as a bit of a surprise, but the paper napkin industry has taken a major hit due to Millennial eating and shopping habits. According to a Washington Post report, Millennials are skipping paper napkins and instead opting for paper towels. In fact, roughly 56% of Millennials purchased napkins within a 6-month period, compared to the 86% that purchased paper towels.

Canned Tuna
It seems as though Millennials have little to no interest in purchasing canned tuna. The industry has been losing sales heavily since the late 1980s, according to a report from the Washington Post. The article claims that some of the country’s biggest canned tuna companies are seeing massive dips in sales (approximately a 42% drop) since the late 80s.

Obviously, I do not believe that Millennials are purposefully trying to kill off these industries. They are simply showcasing their interests and consumer habits, and these are the unexpected ramifications. Will Millennials continue to avoid the various industries and force dozens of companies to shut their doors? Only time will tell.

About Kewho Min

Kewho Min is a highly-experienced professional accountant with decades of work in the financial industry. In his previous work, Kewho Min has handled multi-billion-dollar investments and portfolios, and has worked for and with some of the world's most esteemed financial organizations. Kewho Min is also a major proponent of philanthropy and the city of New York.