From CB Insights:
Every few weeks, another story about the dreaded generation surfaces: millennials are killing casual dining; millennials are killing breakfast cereal; millennials are killing home ownership.
Pundits aren't shy about diagnosing what's causing these deaths, either.
Also known as Gen Y, millennials are often painted as screen addicts who can't eat a meal without sharing it on Instagram – which is why they won't sit down for a meal at Applebee's. They're commitment-phobes who balk at the idea of being tied down, and that's why home ownership rates are down.
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.
But in most cases, the real story is more complex than catchy headlines can really do justice.
Millennials aren't shunning luxury goods; they're just renting them instead of buying. They're not abandoning gyms; they're opting into studio classes and alternatives like Peloton.
And they're not killing casual dining. In fact, millennials eat out more often and spend more on restaurants than any other generation.
In this report, we explore 12 key consumer areas that millennials have been accused of "killing" – and dig into the real story behind the clickbait headlines.