Millennial angst. It’s a thing, and the thing that it is isn’t good for the economy.
Millennials are doing far worse financially than generations before them. The net worth of Americans aged 18 to 35 has dropped 34 percent since 1996, according to research released by Deloitte.
When a generation reels, the impacts are felt by all.
For the past few years, millennials have been accused of killing a number of things from napkins to motorcycles to homeownership to marriage and divorce.
And also food, at least in some categories. We can add to that list beer, cereal, American cheese, and canned tuna among others.
USA TODAY describes how some companies, particularly companies in the food and beverage industry, are readily adapting to Millennial preferences and tastes.
As it should be.
For Too Many Millennials, Big Ticket Items Are Out of Reach
Recessions are never good for anyone. A sputtering economy means miserable financial, emotional, and physical health consequences for everyone from infants to retirees. But the next one—if it happens, when it starts happening—stands to hit this much-maligned generation particularly hard. For adults between the ages of 22 and 38, after all, the last recession never really ended.
When people of whatever age or demographic group can not afford to buy the things that are being promoted with multi-million dollar budgets—things like distant vacations, new cars, engagement rings, mortgages, and so on—the American prosperity engines built on the backs of consumer spending grind to a frightening halt.
When this happens, companies cut back on their investment in marketing and communications and people lose jobs.
PREVIOUSLY ON ADPULP.COM: Young Americans Can No Longer Afford The American Way of Life
