Yahoo Autos Persnickety millennials would rather throw their money in a river than pay for these 14 things boomers love
It's more than just rumors: Millennials' spending habits have been linked to the deaths of a number of industries, from cable television to chain restaurants.
Some beloved brands and traditions no longer appeal to the millennial mindset, while others are just not worth the money.
Contrary to popular belief, millennials don't spend all their disposable income on $8 avocado toast. They're less financially stable than older generations, according to a study published by the Federal Reserve Board in 2018, thanks in part to heavy student loans on their backs.
From sparkling diamonds to single-use plastic, here are 14 things that millennials are happy to slice out of their budgets.
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The wedding industry
Millennials haven’t totally abandoned the institution of marriage. But they are taking a much different (read: cheaper) approach to their big day.
This means cutting traditional wedding elements like centerpieces, extravagant decor and open bars.
At a millennial wedding, you’re likely to see a food truck rather than catering, a ceremony in a backyard instead of a pricey venue and a considerably smaller guest list. If you don’t make the cut when your friends are sending out invitations, consider blaming inflation.
Research by The Knot shows that the average wedding in 2020 cost $19,000, compared to an average of $28,000 pre-pandemic. Despite this drastic decrease, likely due to health and capacity restrictions, millennials are still opting for a no-frills-attached wedding style.
Cow’s milk
When your barista asks if you want milk in your coffee, what do you ask for?
From oat to almond to soy, there are so many non-dairy milk alternatives on the market right now — and millennials are partly to thank for that.
Due to the rising popularity of vegan or plant-based lifestyles — and, let’s face it, an awareness that you’ve got lactose intolerance — dairy milk is becoming less likely to make it onto grocery lists.
Lots of millennials choose non-dairy milk for environmental reasons. According to a 2020 study by YouGov, one in five millennials has changed their diet to reduce their impact on the planet. Cost effectiveness also plays a factor, considering these alternatives have a longer shelf life than dairy milk.
Sorry to the die-hard dairy drinkers, it seems like oat milk is here to stay.
Diamonds
Diamonds are not a millennial’s best friend. In fact, millennials are in the midst of disrupting the diamond industry by opting for unique gemstones or hand-crafted options when it comes to buying jewelry.
Why, you may ask, are millennials hesitant to spend thousands of dollars on a pretty rock? Well, they are burdened with heaps of student debt and struggle to get high-paying jobs despite their educational background. Twitter user @roborobb puts it simply: “We all work at Verizon and Lids at the mall.”
According to the Deloitte Global 2022 Gen Z and Millennial Survey, 29% of millennials don’t feel financially secure. And Bloomberg reported in 2021 that the oldest millennials are only 80% as wealthy as their parents were at the same age.
Living paycheck to paycheck doesn’t leave much room for Cartier.
Cable
As much as they may crave a 24/7 schedule of The Food Network, millennials are not biting on offers for a TV subscription from the big cable companies.
Americans increased their weekly streaming time by 18% from February 2021 to 2022, according to media analytics from Nielsen. And interest in cable TV continues to shrink.
According to CableTV.com, the average cable subscription in the U.S. costs $79/month. Streaming services like hulu and Netflix cost $7.99/month and $9.99/month, respectively.
Streaming options continue to evolve — offering old TV shows, their own original shows releasing episodes weekly and amping up their film catalog — allowing millennials to keep up with everything from Stranger Things to Marriage or Mortgage without even changing the channel.
Paper napkins
The death of napkins is upon us, along with other disposable products millennials refuse to buy. The Washington Post reported that more millennials are opting to use paper towels instead of napkins to cut costs and reduce waste, as they're a more versatile product.
Single-use items like paper plates, plastic water bottles, straws and shopping bags are also being phased out by this generation. Canvas totes and funky metal straws not only add something cute to your errands and hydration, but they’re also good for reducing your carbon footprint.
The Deloitte Global 2022 Gen Z and Millennial Survey showed that the majority of millennials do not find their government is taking enough climate action and are making a conscious effort to reduce their individual environmental impact.
Despite boomers pointing at their lack of dinner table etiquette, not buying one-and-done products like paper napkins is just one way millennials are fighting climate change.
Regular old beer
Millennials aren’t refusing to buy all beer. But they have developed an affinity for local, artisanal products, and craft beer has seen a spike in recent years.
Cheap, mass-market beer doesn’t cut it anymore — millennials favor craft beer’s uniqueness and community component when they crack open a cold one.
NielsenIQ's 2018 study found that half of millennials drank craft beer and only 36% of U.S. consumers overall did. And despite their best efforts, big beer brands are having difficulty catching up to the interests of millennials. MillerCoors put out two light beers aimed at the demographic, but they were pulled from the shelves within six months.
Along with their unique beverages, craft breweries also offer tastings, tours and more, making for some notable social events. It’s hard to compare that to grabbing a six pack at the grocery store.
