Millennials have stopped buying “stuff” and started consuming lifestyles.
Millennials are murderers. At least that’s what publications like Business Insider and The Wall Street Journal would have you believe. The millennial hit list is long and varied: paper towels, premium cable, American cheese, home ownership, breakfast cereal, and everyone’s favorite “family” restaurant, Hooters.
Of course, when it comes down to the “why” behind these murders, most pundits seem to miss the mark. Instead of talking about wage stagnation or the crushing student debt bubble, conversations usually invoke strawman arguments about young ’uns frittering away their money on things like coffee and avocado toast. Never mind the fact that an avocado toast costs all of $6.78 on average, while the average student loan racks up $393 a month. Or, in simpler terms, 57 avocado toasts eaten monthly.
There is a basic explanation for why millennials are killing so many industries though: More than any other generation, millennials are “woke” about capitalism. They’re not buying it, with recent studies showing that 72% of millennials now value experiences over possessions. Spending rates on experiences have grown four times faster than spending rates on physical goods, and 65% of millennials are now actively saving for travel. In other words, millennials would rather go to a…
