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16 October 2018

So Long, Cupcake: Goods & Services Young Adults Aren’t Buying

So Long, Cupcake: Goods & Services Young Adults Aren’t Buying

Our focus is to help our clients increase profits, which reaches far beyond tax planning alone. So when we came across an article about goods young generations simply don’t buy, we took notice. Some of these profit slides are due to predictably fickle trends (the rise and sudden fall of gourmet cupcakes, for instance), but others signify a much deeper downturn that manufacturers, retailers and service providers should considering pivoting around.

  • This Money Magazine article points out consumer goods including guns, gum, and gluten (in the form of cereal and white bread) that have seen significant losses in the past few years.
  • And this related Money Magazine article talks specifically about the Millennial age group and its spending habits, from cutting the cord on cable (and, in 45% of cases, television sets altogether) to passing on car, home, and even stock purchases. 
  • Diving further into the Millennial psyche, this Cheatsheet.com article covers common goods like fabric softener and napkins and special purchases like diamonds and motorcycles that they just don’t buy.
  • Young adults are skipping the neighborhood brick-and-mortar and are banking and buying financial services and insurance online. Around 30% of Generation Z (the newest adult generation today) stated that they prefer to find information online, partly to solve problems themselves. That includes matters pertaining to money.

If you’re in an industry related to one of these areas, have you already felt the pinch? If so, consider whether your business strategy needs to change, even if it’s been around for generations. Feel free to contact us for help. We can help you decide whether a business structure change may be in order and may be able to recommend other ways to offset any losses you’ve experienced. 

Image via CC0 Creative Commons


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