Diamonds, Movies and business cards are becoming dying breeds
Millennials will be death of these industries.
Postcards are the latest endangered commodities being affected by twenty somethings who prefer to take selfies over buying and mailing the scenic “wish you were here” sentiment.
England’s oldest postcard publishers, UK-based J Salmon, which has produced picturesque cards for more than 100 years, announced this week it will stop printing at the end of the year, and sell off their remaining stock throughout 2018.
Just 25 years ago more than 20 million postcards were sold each year, but now the number has dipped down to just five or six million. It’s all a sign of the changing times with Facebook and Instagram making it easier to instantly send a text message or share a photo on social media.
Here are five other industries millennials are killing:
Diamonds may be forever, but apparently they’re not for everyone.
Millennial spending habits continue to show they prefer to blow their money on experiences like trips or fancy dinners rather than homes and luxury goods, and the diamond industry is facing a bit of a struggle because of it.
Companies like De Beers, the world’s biggest diamond producer, had to slice down prices of the precious stone by 9% in hopes of people buying more. It could also be because fewer millennials are getting married. According to research from Allen Downey at Olin College, a projected 47% of women born in the 1990s will remain unmarried at age 33, compared to a fewer 38% of women born in the 1980s. That’s a substantial increase from the few 9% of women born in the 1940s who were single at 33.
“Here take my card,” says hardly anyone under age 33 these days. A number of apps are replacing the tangible business card, eliminating the need to carry around a card case with you.
Bump, an app for smartphones, lets users exchange their details between devices simply by “bumping” them together. In addition to basic contact info, this app lets users share photos and calendar events and connect to other people’s LinkedIn, Facebook and Twitter accounts. Similarly, Cardcloud lets you design and share your own digital business card. Recipients don’t need to have the Cardcloud app either. Once you get a card, the app stores your location, so you will always remember where you met the person.
Netflix and chill is replacing a night out at the movies for many.
The number of ticket buyers between the ages of 12 to 17 fell to 5.3 million in 2015, down from 5.5 million in the last two years. That number is also down from 6.3 million in 2012, according to numbers from the Motion Picture Association of America.
And there was an even bigger decline in moviegoers ages 18 to 24 years old. Over the past three years, that group dropped off by more than one-third, to 5.7 million in 2015 down from 8.7 million in 2102.
Bar soap sales are on a slippery slope.
Bar soap sales dropped 2.2% from 2014 to 2015, according to research firm Mintel for a few reasons. Millennials believe that bar soap is covered in germs and it’s inconvenient to use. The firm also blames dismal suds sales on the influx of moisturizing products on the market.
Millennials aren’t drinking as much beer to keep the biz afloat.
Beer penetration fell 1% from 2016 to 2017 in the US market, while both wine and spirits were unmoved, according to Nielsen ratings.
Goldman Sachs now expects the overall beer market in the US to decline by 0.7% in 2017 and recently downgraded the stocks of major brewers like Sam Adams and Angry Orchard Cider makers Boston Beer Company and Constellation Brands, the third-largest beer company in the US, due to declining sales.
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