WEBVTT - Millennials Killed the Brink 0:00:04.440 --> 0:00:08.800 On today's very special episode of The Break, we discuss 0:00:08.880 --> 0:00:12.760 how millennials are killing major industries. No, wait a second, 0:00:13.720 --> 0:00:17.480 I'm a millennial kind of Is that really fair or true? 0:00:17.680 --> 0:00:20.560 It may not be true, but we're looking at the 0:00:20.640 --> 0:00:24.480 reasons behind these fears and fads and seeing what's really 0:00:24.520 --> 0:00:27.040 going on in these industries. We'll see if companies are 0:00:27.040 --> 0:00:30.920 adapting or falling into extinction, and we'll tell any misconceptions 0:00:30.920 --> 0:00:35.520 to get off our lawn. This is Millennials killed the Brink. 0:00:45.680 --> 0:00:49.199 Welcome to the Brink. I'm Jonathan Strickland and I'm Ariel Casting, 0:00:49.440 --> 0:00:53.200 and today we're talking about millennials, of which I am 0:00:53.200 --> 0:00:57.480 technically one, though I claim that I'm actually a zennial, 0:00:57.560 --> 0:01:02.480 which is someone born between three where you're old enough 0:01:02.560 --> 0:01:05.720 to remember a childhood without all of this technology, but 0:01:05.840 --> 0:01:08.080 you're young enough to have adapted really well to it. 0:01:08.160 --> 0:01:10.400 I'm a gen xer, and I don't know what this 0:01:10.520 --> 0:01:13.000 strange machine is in front of me that you call 0:01:13.200 --> 0:01:17.440 a computer. No, I'm I'm a gen xer and I 0:01:17.720 --> 0:01:21.440 cover technology for a living, so I reject that notion. 0:01:21.720 --> 0:01:23.720 But the reason why we wanted to do this is 0:01:23.760 --> 0:01:26.360 because it has become a meme a meme being one 0:01:26.360 --> 0:01:28.640 of those ideas that gets passed around quite a bit 0:01:29.160 --> 0:01:33.679 that millennials are killing X. It's kind of an ongoing 0:01:33.840 --> 0:01:37.760 joke now, but it's a joke now because there were 0:01:37.800 --> 0:01:43.600 strings of articles and videos in etcetera that all had 0:01:43.640 --> 0:01:48.440 this kind of approach saying this young generation is dooming 0:01:48.880 --> 0:01:53.200 said business slash industry, slash chain, whatever it may be. 0:01:54.000 --> 0:01:58.040 And why is that? Why are the young people so 0:01:58.200 --> 0:02:02.800 anti business and so anti X that they want to 0:02:02.960 --> 0:02:05.160 kill it? Yeah, And we were looking at all these 0:02:05.200 --> 0:02:07.680 different individual businesses we wanted to talk about on the 0:02:07.680 --> 0:02:10.480 brink and realize they all had this common thread. So 0:02:10.520 --> 0:02:13.680 we decided to do this kind of giant jumble piece 0:02:13.960 --> 0:02:17.200 of amazing nous um and to just find out, like, 0:02:17.480 --> 0:02:20.160 is there anything to it, and can we draw any 0:02:20.200 --> 0:02:25.639 sort of broad generalized conclusions and and that sort of thing, 0:02:25.919 --> 0:02:28.320 and looking into it, I certainly think there are broad 0:02:28.400 --> 0:02:31.120 conclusions that we can come to. Though everybody's an individual 0:02:31.120 --> 0:02:34.320 and everybody has different thoughts and opinions and motivations. They 0:02:34.320 --> 0:02:37.400 come from different life experiences, etcetera, etcetera. But one common 0:02:37.440 --> 0:02:40.239 thing is that millennials all grew up during the Great Recession, 0:02:40.440 --> 0:02:43.519 and so a lot of people attribute their desire to 0:02:43.560 --> 0:02:45.840 spend less money to that because they look at their 0:02:45.919 --> 0:02:50.000 childhood with economic uncertainty and don't want to fall into 0:02:50.040 --> 0:02:53.160 the same pitfalls and traps and hardships. And in some 0:02:53.200 --> 0:02:57.919 cases it's literally that they don't have the discretionary income 0:02:58.160 --> 0:03:02.120 that older generations had at their same age. So what's 0:03:02.120 --> 0:03:05.160 happening is you've got certain older generations, the baby boomers 0:03:05.200 --> 0:03:08.960 primarily Gen xers. We're just watching what happens at this point, 0:03:09.040 --> 0:03:12.240 but but baby boomers in general, we're saying, you know, 0:03:12.280 --> 0:03:15.520 when I was their age, I had already put a 0:03:15.520 --> 0:03:17.480 payment down in my first house and that kind of stuff. 0:03:18.040 --> 0:03:20.840 Largely that is true, but it seems to make the assumption, 0:03:20.960 --> 0:03:24.200 or it does make the assumption that people in this 0:03:24.320 --> 0:03:29.200 millennial generation are experiencing the same sort of parameters that 0:03:29.280 --> 0:03:31.880 the Baby Boomers were, and that's not true. The thing 0:03:31.919 --> 0:03:35.440 that I think really kind of got the backlash against 0:03:35.440 --> 0:03:40.000 this whole millennials killed. The ex meme Going was an 0:03:40.080 --> 0:03:43.360 issue of Time magazine that came out on May nine, 0:03:43.440 --> 0:03:46.960 two thousand thirteen. The cover story it shows a a 0:03:47.200 --> 0:03:51.040 young woman who's taking a selfie and the title on 0:03:51.120 --> 0:03:54.200 the cover of this Time magazine is the Me Me 0:03:54.200 --> 0:03:59.320 Me generation. Millennials are lazy, entitled narcissists who still live 0:03:59.400 --> 0:04:04.440 with their parents. Why they'll save us all. And understandably, 0:04:04.760 --> 0:04:08.720 some younger people took exception to being painted with so 0:04:08.840 --> 0:04:12.040 broad a brush and the implications that go along with it, 0:04:12.080 --> 0:04:15.960 the idea that they're all lazy narcissists. Certainly so obviously 0:04:16.279 --> 0:04:19.320 armed with the tools of the internet and technology, they 0:04:19.360 --> 0:04:22.359 did what any upset group would do. They took it 0:04:22.400 --> 0:04:24.680 and photoshop the heck out of it, and then they 0:04:24.720 --> 0:04:29.240 were like a thousand parody covers. They were making fun 0:04:29.240 --> 0:04:31.680 of Time for this, and they said, well, you know this, 0:04:31.839 --> 0:04:34.040 it comes across as being tone deaf, it comes across 0:04:34.040 --> 0:04:38.120 as elitist. It's making assumptions that we happen to have 0:04:38.200 --> 0:04:41.360 the same things at our disposal that previous generations had, 0:04:41.520 --> 0:04:45.200 which is not true. And then we started to see 0:04:45.320 --> 0:04:49.440 more of the compilations, like the various articles that said 0:04:49.640 --> 0:04:53.160 here are all the examples of millennial killing the X. 0:04:53.640 --> 0:04:57.440 There were magazines and periodicals that would just run these 0:04:57.560 --> 0:05:01.120 compilations to point out the absurdity there. Yeah. Now I 0:05:01.160 --> 0:05:03.839 will say that there are certainly businesses that are not 0:05:04.040 --> 0:05:07.160 making as much money with the millennial generation as with 0:05:07.279 --> 0:05:10.320 previous generations, and they tend to if you look at 0:05:10.400 --> 0:05:12.560 a broad range of these articles, they tend to be 0:05:12.640 --> 0:05:15.920 the same throughout all of the articles. But that's kind 0:05:15.960 --> 0:05:19.719 of how business works. You make a product until that 0:05:19.760 --> 0:05:21.800 product is no longer wanted or needed, and then you 0:05:21.839 --> 0:05:24.640 adapt to the new market. Yeah, you can't just assume 0:05:24.720 --> 0:05:27.320 that once you make something, that something is going to 0:05:27.360 --> 0:05:29.880 be your meal ticket forever and ever and ever. So 0:05:29.920 --> 0:05:31.880 we're gonna take a look at some of the more 0:05:32.240 --> 0:05:37.200 nuanced elements of this whole meme and why things are 0:05:37.279 --> 0:05:41.400 the way they are, and also maybe even have a 0:05:41.400 --> 0:05:44.279 couple of comments about whether or not some of these 0:05:44.360 --> 0:05:47.240 supposed things that millennials are killing, maybe maybe it's not 0:05:47.320 --> 0:05:50.320 so bad. Maybe they deserve to die, is what we're saying. 0:05:50.320 --> 0:05:52.640 There's one in particular, I think that you're thinking of, Oh, 0:05:52.680 --> 0:05:55.600 there's there are a couple are on the chopping block, 0:05:55.680 --> 0:05:59.120 but there's one in particular. And so we're gonna talk 0:05:59.320 --> 0:06:01.760 also about the fact that millennials, you know, they they 0:06:01.800 --> 0:06:04.120 have a limited amount of money, they're getting pickier about 0:06:04.160 --> 0:06:06.920 what they spend that money on. It doesn't necessarily mean 0:06:07.080 --> 0:06:10.680 they're spending the money more wisely. They may not. They 0:06:11.040 --> 0:06:13.520 may spend it on things they're not so wise but 0:06:13.600 --> 0:06:17.640 are important to them. Yes, although I will say millennials 0:06:17.680 --> 0:06:21.320 are saving more as their generation than previous generations were, 0:06:21.640 --> 0:06:23.719 so they're they're saying, I'm not making a lot of money, 0:06:23.760 --> 0:06:25.680 so I'm going to put more aside to savings to 0:06:26.000 --> 0:06:30.200 tie me over. And we're also going to bust some 0:06:30.320 --> 0:06:33.919 myths through the whole thing, not just of the millennials 0:06:33.920 --> 0:06:36.679 are killing the X like it's some sort of malicious attack. 0:06:37.279 --> 0:06:40.360 We're also going to chat about how some of these things. 0:06:40.600 --> 0:06:42.839 You know, maybe it was a little premature to say 0:06:42.839 --> 0:06:46.080 that millennials were killing this industry, like I'm thinking specifically, 0:06:46.240 --> 0:06:49.000 like the automotive industry, which seems like there might be 0:06:49.000 --> 0:06:50.680 a bit of an uptick. But we'll get into that. 0:06:51.320 --> 0:06:52.720 So there are a couple of other things we can 0:06:52.720 --> 0:06:56.760 say about millennials, sort of generalizations besides the money stuff, 0:06:57.080 --> 0:07:00.680 like the idea that as a generation, they end to 0:07:00.800 --> 0:07:03.920 think of themselves as being very health conscious. Yes, sometimes 0:07:03.960 --> 0:07:06.200 that's proven true, and sometimes I think it's a little 0:07:06.200 --> 0:07:10.320 short sighted. Broad generalizations are really hard to make but 0:07:10.440 --> 0:07:14.120 they also are more socially aware. Yeah, although they may 0:07:14.120 --> 0:07:19.280 not be necessarily super active socially. Sometimes that social awareness 0:07:19.360 --> 0:07:22.440 comes in the form of tweeting and posting and not 0:07:22.520 --> 0:07:27.160 much action. Idealistically, they're socially aware. And then also they 0:07:27.200 --> 0:07:30.120 have been known to be, or have been stereotyped to 0:07:30.360 --> 0:07:33.520 pick up technology quicker. They may not have a deeper 0:07:33.640 --> 0:07:37.320 understanding of the technology either. There have been some studies 0:07:37.800 --> 0:07:40.760 of kids who grew up with technology all around them, 0:07:41.240 --> 0:07:44.280 but they had sort of a very shallow, broad understanding 0:07:44.320 --> 0:07:46.560 of how to use the technology, but beyond that you 0:07:46.560 --> 0:07:49.760 couldn't go very deep with it. And I've certainly encountered 0:07:49.920 --> 0:07:53.160 this is anecdotal, so anecdotal evidence is not very worthwhile. 0:07:53.360 --> 0:07:56.400 But it's fun. It is fun. But I've certainly encountered 0:07:56.840 --> 0:08:01.480 young people who didn't have a very comprehensive understanding of 0:08:01.520 --> 0:08:03.640 things like web search, Like they knew how to search 0:08:03.680 --> 0:08:06.720 for stuff, but it was very surface level and if 0:08:06.720 --> 0:08:09.160 they didn't immediately hit whatever it was they wanted, they 0:08:09.200 --> 0:08:12.400 gave up pretty quickly. And again that's anecdotal, and it's 0:08:12.480 --> 0:08:15.480 based on a handful of experiences. I cannot make a 0:08:15.480 --> 0:08:19.600 broad generalization over an entire generation based on that, although 0:08:19.600 --> 0:08:21.320 I really want to because I'm old. You know what. 0:08:21.440 --> 0:08:24.040 Here's the thing, though, as a millennial, I tend to 0:08:24.080 --> 0:08:27.160 stereotype millennials. I've been really bad about it in the 0:08:27.200 --> 0:08:30.440 past when I look at trends and wanting more like 0:08:30.560 --> 0:08:35.520 immediate content and instant gratification type stuff with videos as 0:08:35.520 --> 0:08:39.120 opposed to personal interactions, like I stereotype as a part 0:08:39.120 --> 0:08:42.080 of my own generation. I stereotype my own generation. I 0:08:42.120 --> 0:08:45.160 wonder how much of these generalizations also play into things 0:08:45.200 --> 0:08:49.319 like relying more and more on Internet for your interpersonal connections, 0:08:49.360 --> 0:08:54.800 which makes you perhaps less socially adept, and moving through 0:08:55.280 --> 0:08:58.240 real world social situations that sort of thing. Like a 0:08:58.280 --> 0:09:00.720 lot of these things I think end up being the 0:09:00.760 --> 0:09:04.040 realm of armchair psychology, which doesn't really have that much 0:09:04.559 --> 0:09:07.480 value to without actual evidence backing it up. But we 0:09:07.559 --> 0:09:10.679 are going to go through and talk about some of 0:09:10.720 --> 0:09:17.440 these doomed businesses and categories in just a second. But 0:09:17.679 --> 0:09:21.320 in order to save a business, we're gonna take a 0:09:21.400 --> 0:09:31.840 quick break and thank our sponsor. All Right, Darriel, hit 0:09:31.880 --> 0:09:37.959 me tell me about some of the food related topics 0:09:37.960 --> 0:09:43.720 that millennials are supposedly slaughtering wholesale. Okay, So here's the thing. 0:09:44.480 --> 0:09:48.880 More than any other industry, when researching this one, really 0:09:48.920 --> 0:09:52.760 looking into millennials killing different things, the food industry seems 0:09:52.760 --> 0:09:58.760 to be getting hit super hard. Casual dining, cereal, beer, light, yogurt, 0:09:58.800 --> 0:10:03.440 American cheese, man A's, diet Coke, McDonald's, like, all of 0:10:03.480 --> 0:10:07.280 these things are supposedly being killed by millennials. So I'm 0:10:07.280 --> 0:10:09.120 gonna go a little bit into some of those, and 0:10:09.160 --> 0:10:11.680 I guess so will you with me? Casual dining, so 0:10:11.760 --> 0:10:14.160 like Applebee's and Wild Wings and things like that, they 0:10:14.200 --> 0:10:18.520 were not attracting millennials. Goodbye Ruby Tuesday, who could hang 0:10:18.520 --> 0:10:20.839 a name on you? They just they just weren't getting 0:10:20.840 --> 0:10:23.880 the same sort of traffic. They were saying that they 0:10:23.920 --> 0:10:28.200 were starting to see dramatic drop offs, and in fact, 0:10:28.240 --> 0:10:32.720 some restaurants like Applebee's specifically said that in their effort 0:10:32.840 --> 0:10:36.720 to try and attract a demographic that didn't have interest 0:10:36.840 --> 0:10:40.920 in going to their restaurants, they hurt themselves further by 0:10:41.040 --> 0:10:45.440 ignoring kind of they're tried and true clientele. Yeah, and 0:10:45.679 --> 0:10:48.160 I think the problem here is that millennials of such 0:10:48.200 --> 0:10:50.880 busy lifestyle, some of them work multiple jobs to make 0:10:51.000 --> 0:10:53.800 ends meet, right, they prefer to cook at home or 0:10:53.880 --> 0:10:56.960 order delivery, or eat at a faster service restaurant, something 0:10:57.000 --> 0:10:58.680 like a Panera where you order and you get your 0:10:58.720 --> 0:11:02.400 food quickly, something in between McDonald's in a casual timing establishment. 0:11:02.559 --> 0:11:06.640 And you are seeing some millennials who are finding success 0:11:06.720 --> 0:11:11.359 in their careers. Those millennials, many of them are gravitating 0:11:11.400 --> 0:11:14.599 towards what they would consider like foodie kind of experiences. 0:11:15.160 --> 0:11:17.920 So in those cases, they're saying, if I'm not making 0:11:18.000 --> 0:11:19.680 much money, I don't want to go to an Applebe's. 0:11:19.679 --> 0:11:22.079 It takes too much time and it's too expensive for 0:11:22.120 --> 0:11:24.079 the quality of food that I'm getting. That's that's kind 0:11:24.080 --> 0:11:26.200 of their argument. And if I am making the money, 0:11:26.240 --> 0:11:27.760 I want to go someplace better. Yeah, I want to 0:11:27.800 --> 0:11:30.520 go to someplace that isn't a chain, that's unique and 0:11:31.000 --> 0:11:34.800 what feels to me like a good spending of my money. 0:11:34.920 --> 0:11:37.560 That also seems to be something I've noticed as well, 0:11:37.640 --> 0:11:39.679 that there's a kind of a common theme and a 0:11:39.720 --> 0:11:43.960 lot of these where millennials as a generation tend to 0:11:44.000 --> 0:11:48.079 be categorized as people who want to support smaller businesses 0:11:48.120 --> 0:11:51.600 as well as opposed to larger companies and chains. Well, 0:11:51.640 --> 0:11:55.040 it leads to a better experience. That is what millennials 0:11:55.040 --> 0:11:58.040 are about. They'd rather have the experience than some sort 0:11:58.040 --> 0:12:02.000 of physical and so going to a unique restaurant is 0:12:02.000 --> 0:12:06.520 a unique experience. It's not going to Applebe's every Tuesday. Now, 0:12:06.800 --> 0:12:09.200 this is weird because I'm looking ahead at our notes 0:12:09.280 --> 0:12:12.120 right here, arial and you're telling me that they're not 0:12:12.240 --> 0:12:18.239 just killing industries. Millennials are serial killers. They are Millennials 0:12:18.240 --> 0:12:21.280 say that it's not convenient for breakfast, oh that kind 0:12:21.320 --> 0:12:24.280 of cereal, And I wrote in my notes blasphemy, because 0:12:24.320 --> 0:12:29.000 I really enjoy a bowl of Cheerios or Cinventos crunch. 0:12:29.080 --> 0:12:31.760 To me, cereal is best eaten after you've had dinner. 0:12:32.800 --> 0:12:35.240 It's the late night's next. But I do I do 0:12:35.360 --> 0:12:37.120 tend to eat like two or three bulls at a time, 0:12:37.760 --> 0:12:41.440 probably tell waist nine. Anyhow, And they are having an 0:12:41.440 --> 0:12:44.600 effect on the cereal industry. Between two thousand fourteen, there 0:12:44.679 --> 0:12:46.560 was a five percent drop in sales. And some of 0:12:46.559 --> 0:12:49.200 this could be tied in again to that perception of 0:12:49.280 --> 0:12:52.280 millennials being health conscious, right, yeah, yeah, they don't want 0:12:52.360 --> 0:12:54.920 all the sugar in the carbs, although you know they 0:12:54.920 --> 0:12:59.200 can always go to grape nuts. I've often thought, how 0:12:59.240 --> 0:13:01.720 can I eat some cardboard for breakfast? You know, there 0:13:01.720 --> 0:13:03.800 are lots of foods I've tried as an adult that 0:13:03.880 --> 0:13:05.760 I didn't like as a child that I now like. 0:13:06.080 --> 0:13:08.280 Grape nuts I tried. I haven't figured out how to 0:13:08.280 --> 0:13:11.199 eat them yet, That's what I'll say. So the next 0:13:11.280 --> 0:13:14.000 one is the beer one, which I thought was interesting 0:13:14.200 --> 0:13:18.079 because I don't drink. I don't drink alcohol, so it's 0:13:18.120 --> 0:13:21.360 all foreign to me. But I had never really thought 0:13:21.400 --> 0:13:24.040 of millennials as being sort of beer a verse. It 0:13:24.120 --> 0:13:28.079 turns out that in large trends, they tend towards wine 0:13:28.120 --> 0:13:31.199 and liquor as opposed to beer. Yeah, and as a generation, 0:13:31.240 --> 0:13:34.600 they drink less than previous generations. That being said, I 0:13:34.640 --> 0:13:37.719 do have a lot of friends who are really into microbrewing, 0:13:37.880 --> 0:13:40.800 and in fact, that leads me to a point that 0:13:40.840 --> 0:13:44.080 I thought was interesting, which is that I always associated 0:13:44.160 --> 0:13:49.080 millennials with especially certain millennials, with like the hipster movement, 0:13:49.760 --> 0:13:54.440 and that hipsters and millennial hipsters really brought PBR. Perhaps 0:13:54.480 --> 0:13:58.960 blue ribbon beer into a new renaissance in a way, 0:13:59.000 --> 0:14:00.960 and perhaps blue ribbon beer is known as a a 0:14:01.080 --> 0:14:05.400 low cost light beer, and whether people were drinking it 0:14:05.440 --> 0:14:08.920 ironically or they were doing it because it was it 0:14:09.000 --> 0:14:12.200 was affordable. Yeah, you could get two twelve packs of 0:14:12.240 --> 0:14:14.280 pots Flue ribbon as opposed to a couple of beers. 0:14:14.720 --> 0:14:18.360 But then I was looking into a recent story that 0:14:18.400 --> 0:14:21.720 says that PBR maybe in danger of actually going away. 0:14:22.520 --> 0:14:25.200 And the reason is that Miller Cores, which is the 0:14:25.240 --> 0:14:29.480 company that brews, packages and ships PBR. PBRs its own 0:14:29.520 --> 0:14:32.560 little company, but Miller Cores does all the brewing, packing 0:14:32.560 --> 0:14:35.760 and shipping for him. They're looking at possibly shutting all 0:14:35.760 --> 0:14:38.640 that down in favor of their own Miller Light brand 0:14:38.840 --> 0:14:42.160 so that they can make that the kind of flagship 0:14:42.560 --> 0:14:45.360 light beer. And that's got a lot of the PBR 0:14:45.400 --> 0:14:48.520 folks in a tizzy. Meanwhile, a lot of those same 0:14:48.600 --> 0:14:54.080 hipsters who had previously elevated PBR are now moving towards 0:14:54.440 --> 0:14:57.920 microbreweries and these sort of craft beers, and again it 0:14:57.920 --> 0:15:00.480 gets kind of into that small business and ex burience 0:15:00.600 --> 0:15:03.880 level along those lines of healthier and maybe that's why, 0:15:03.960 --> 0:15:06.920 I don't know, maybe that's why millennials drink less. It's 0:15:06.960 --> 0:15:10.520 a lot of calories, even even light beer. American cheese 0:15:10.560 --> 0:15:13.400 and mayo those are both things where people want something 0:15:13.440 --> 0:15:14.920 that's a little bit more real and a little bit 0:15:14.920 --> 0:15:18.240 more substantial. American cheese is very processed, mayonnaise is considered 0:15:18.320 --> 0:15:22.080 very processed. You can't get good homemade or alas and 0:15:22.120 --> 0:15:24.120 that kind of stuff, but they'd rather spend their money 0:15:24.200 --> 0:15:27.360 on something that's a little bit more real food. That 0:15:27.520 --> 0:15:31.280 being said, even though they trend toward healthier options, they 0:15:31.320 --> 0:15:34.880 aren't necessarily trending towards loclorie because both diet coke and 0:15:34.960 --> 0:15:38.120 light yogurt have taken a hit. Yes, in the case 0:15:38.160 --> 0:15:42.280 of light yogurt, the analysis I saw is that perhaps 0:15:42.720 --> 0:15:46.080 they're tending more towards the more natural yogurts, like the 0:15:46.080 --> 0:15:48.760 Greek yogurts and stuff stuff that's viewed as being higher 0:15:48.760 --> 0:15:51.520 and things like protein and yes, so they're not so 0:15:51.600 --> 0:15:55.920 much worried about calories as they are nutritional content. And 0:15:55.960 --> 0:15:58.080 with diet coke, you know, you've got these people who 0:15:58.120 --> 0:16:00.720 are trying to give up sodas, and diet coke was 0:16:00.760 --> 0:16:03.400 supposed to be the alternative to drinking a high sugar soda, 0:16:04.120 --> 0:16:06.680 but then the fake sugars at diet coker using we're 0:16:06.680 --> 0:16:09.200 getting a really bad wrap and Sena's unhealthy, so people 0:16:09.200 --> 0:16:12.760 weren't drinking that either, and that really hurt Coca Cola. 0:16:13.040 --> 0:16:17.560 They're diet coke sales dropped like yeah, and it's one 0:16:17.560 --> 0:16:19.040 of the things they sell a lot of his diet 0:16:19.080 --> 0:16:23.160 coker dependent, especially especially here in Atlanta. Yes, and then 0:16:23.240 --> 0:16:26.560 when we get into other categories like real estate, that's 0:16:26.560 --> 0:16:29.240 where we see the thing about how you know, baby 0:16:29.240 --> 0:16:31.840 boomers say like, I just don't get them. I mean, 0:16:31.880 --> 0:16:33.880 at their agent would have had my starter home, I 0:16:33.880 --> 0:16:37.440 would have already been moved into a house, and millennials 0:16:37.440 --> 0:16:41.680 are like, we would rather rent longer and save up money. 0:16:42.080 --> 0:16:45.280 And then by not a starter house but a house, well, 0:16:45.320 --> 0:16:47.440 I mean, when you think about it, I bought what 0:16:47.480 --> 0:16:49.720 would be considered a starter house. My starter house is 0:16:49.720 --> 0:16:52.560 pretty dirt and nice. But there was a while there 0:16:52.600 --> 0:16:55.680 where the housing market was real bad. If you bought 0:16:55.720 --> 0:16:59.480 a starter home that was just okay, I'm sorry, Jonathan, 0:16:59.520 --> 0:17:01.680 to touch such a sore spot for you. I'm not 0:17:01.720 --> 0:17:03.760 going to go into it. But if you bought a 0:17:03.760 --> 0:17:06.119 house that was just okay, expecting to sell it in 0:17:06.200 --> 0:17:09.520 a few years, and then that housing market crash happened, 0:17:09.920 --> 0:17:13.359 you're stuck with this house you don't like I'm very familiar, 0:17:13.400 --> 0:17:15.760 and you can't. It's hard to get something better if 0:17:15.760 --> 0:17:18.480 you're dealing with student debt and all that. So I 0:17:18.600 --> 0:17:21.000 understand how people might wait to get the thing they 0:17:21.080 --> 0:17:24.080 want as opposed to getting something that is just a placeholder. 0:17:24.840 --> 0:17:28.360 And that kind of leads us over into the retail 0:17:28.680 --> 0:17:31.479 world as well, where we've already kind of touched on this, 0:17:31.520 --> 0:17:35.879 how millennials sort of go towards the small business the experience. 0:17:36.480 --> 0:17:41.040 They don't want some sort of homogenized, giant, faceless corporation 0:17:41.200 --> 0:17:44.200 kind of experience. They'd rather go someplace where it's charming 0:17:44.320 --> 0:17:46.240 and you can actually get to know the name of 0:17:46.240 --> 0:17:48.159 the people who owned the place, and that you know, 0:17:48.240 --> 0:17:50.600 you might find stuff that's outside of the ordinary there. 0:17:51.240 --> 0:17:54.760 And the one in retail that is the one item 0:17:54.840 --> 0:17:58.760 over all others that I'm like, good if millennials kill 0:17:58.760 --> 0:18:01.080 it would be the diamond industry. I was thinking, you 0:18:01.160 --> 0:18:05.640 might say, the bar soap industry. No diamonds. Diamonds. So 0:18:05.880 --> 0:18:08.240 for the few people out there who may not be aware, 0:18:08.400 --> 0:18:12.360 diamonds are actually not rare at all. They're They're plentiful, 0:18:12.440 --> 0:18:15.560 whether you're talking man made or natural. There are more 0:18:15.600 --> 0:18:21.200 than enough diamonds. However, you have essentially one company, two beers, 0:18:21.240 --> 0:18:24.960 that has a stranglehold on the world supply of diamonds, 0:18:25.200 --> 0:18:29.920 and so this company can choose when to start making 0:18:29.960 --> 0:18:33.600 some of them available for purchase, and by controlling the supply, 0:18:33.880 --> 0:18:37.600 they can help control the demand unless there's no demand. 0:18:38.280 --> 0:18:42.200 And again, millennials are a little more frugal with their money. 0:18:42.400 --> 0:18:45.680 They're not willing to put in that a large investment, especially. 0:18:45.680 --> 0:18:47.119 I think a lot of them are also kind of 0:18:47.160 --> 0:18:50.400 savvy as to how the diamond industry works. Yeah, certainly. 0:18:50.560 --> 0:18:52.320 And you know what, here's the thing later in our notes, 0:18:52.359 --> 0:18:54.959 will get to it to Beer is aware of this, yeah, 0:18:55.040 --> 0:18:57.600 and they're putting into motion plans to try to get 0:18:57.640 --> 0:18:59.520 some of that market back. But I mean, the other 0:18:59.560 --> 0:19:02.080 thing is on millennials wants something unique. They don't want 0:19:02.160 --> 0:19:04.760 just to solitaire on a single band. Yeah, So they 0:19:04.880 --> 0:19:09.920 are often opting for non traditional engagement and wedding rings, 0:19:10.600 --> 0:19:13.119 and so they're looking at other stones, They're looking at 0:19:13.119 --> 0:19:17.879 other designs. We both know people who have had engagement 0:19:17.920 --> 0:19:21.560 and wedding bands that are very different from the norm, 0:19:21.640 --> 0:19:26.240 including getting them tattooed on their fingers. So it's definitely 0:19:26.280 --> 0:19:32.160 something that is an indicator of a general sense. No soap, 0:19:32.200 --> 0:19:34.680 I didn't really care about that one so much. I mean, 0:19:34.760 --> 0:19:36.680 I don't like bar soap because it tends to make 0:19:36.680 --> 0:19:38.440 my skin feel drier. Now, you know that might just 0:19:38.520 --> 0:19:41.680 be because I'm cheap and I by cheap brands. Um, 0:19:41.720 --> 0:19:43.919 but yeah, millennials think bars of soap tend to be 0:19:44.000 --> 0:19:47.840 Germany and they'd rather not share them. It's self cleaning. 0:19:48.119 --> 0:19:51.800 Other industries in retail that are taking a hit things 0:19:51.800 --> 0:19:55.080 like home depot again because people aren't buying houses early on, 0:19:55.160 --> 0:19:57.320 so I think that one might be premature, right, No 0:19:57.400 --> 0:20:00.359 one might come around in another, you know, five to 0:20:00.400 --> 0:20:03.479 ten years department stores because again, people want the smaller 0:20:03.520 --> 0:20:07.520 shot napkins. Yes, this is one where I'm like, you know, 0:20:07.600 --> 0:20:09.720 I like my napkins. I have a little napkin holder. 0:20:10.080 --> 0:20:12.440 It's nice because people are attempted to take just one 0:20:12.440 --> 0:20:14.919 at a time, as opposed to like an entire roll 0:20:15.000 --> 0:20:18.080 of paper towels. No, I do paper towels. Um. I 0:20:18.119 --> 0:20:21.520 have paper towels stationed in strategic spots throughout the house, 0:20:21.640 --> 0:20:23.959 and you just go from room to room, ripping off 0:20:23.960 --> 0:20:26.800 paper towels and wiping stuff down. Yeah, but between the 0:20:26.840 --> 0:20:29.840 fact that paper towels are more multi use and more absorbent, 0:20:30.440 --> 0:20:33.239 and millennials are eating out more, ordering in more so 0:20:33.320 --> 0:20:35.520 they're getting napkins delivered with their meals. They don't have 0:20:35.600 --> 0:20:38.320 to buy them. Napkins are kind of a little bit 0:20:38.320 --> 0:20:41.800 shaken in their boots. And then when you get down 0:20:41.800 --> 0:20:45.280 to vehicles, like we said, uh, the cars thing for 0:20:45.320 --> 0:20:47.840 a while, there were a lot of articles I remember 0:20:47.840 --> 0:20:50.800 these distinctly from a few years ago, all these articles 0:20:50.800 --> 0:20:54.880 about how millennials weren't buying cars for various reasons. Either 0:20:55.080 --> 0:20:58.480 they could not afford the car, they couldn't afford insurance 0:20:58.480 --> 0:21:01.120 for the car, they couldn't afford place to park the car, 0:21:01.960 --> 0:21:05.640 all of these different reasons, and that the auto industry 0:21:05.680 --> 0:21:08.119 as a result was going to be in big trouble 0:21:08.280 --> 0:21:10.359 because there was going to be a big drop in sales, 0:21:10.840 --> 0:21:14.720 and that we would also see a rise in different 0:21:15.040 --> 0:21:17.879 industries that were related because people still need to get around, 0:21:18.240 --> 0:21:20.640 they just wouldn't be able to afford a car. And 0:21:20.800 --> 0:21:24.040 that also includes motorcycles, and millennials are killing the motorcycle. 0:21:24.080 --> 0:21:26.760 And we we did our episode on Harley Davidson did 0:21:27.160 --> 0:21:31.200 and one of the millennials killed the articles was about 0:21:31.240 --> 0:21:35.640 how younger people aren't really gravitating towards motorcycles very much, 0:21:35.640 --> 0:21:38.040 which you would think they would because it's technically a 0:21:38.119 --> 0:21:41.120 cheaper mode of transportation. Yeah, we still got to park 0:21:41.160 --> 0:21:43.880 the thing you do. I mean you can like park 0:21:43.920 --> 0:21:46.560 it in your bedroom. It'll be really dirty and gross 0:21:46.560 --> 0:21:49.080 and get your carpets dirty. But they're also killing the 0:21:49.080 --> 0:21:52.640 sports and fitness industry and theory. So wait, wait, their 0:21:52.680 --> 0:21:56.960 health conscious, but they're killing sports and fitness well traditional 0:21:57.200 --> 0:22:01.440 so they tend to like more unique fitness experiences like 0:22:01.840 --> 0:22:05.480 bar classes or rock wall climb or rock wall climbing 0:22:05.560 --> 0:22:08.560 or things like that. And so they aren't going to 0:22:08.800 --> 0:22:11.760 twenty four hour type gym's as much. They'd rather go 0:22:11.800 --> 0:22:14.280 to something that's a little bit more specialized and personalized. 0:22:14.760 --> 0:22:18.439 They're not doing things like playing golf. Let's say golf 0:22:18.480 --> 0:22:20.960 is less fitness and more just sport, right, or it 0:22:21.000 --> 0:22:23.520 may just be well, no, that's the center in me. 0:22:23.640 --> 0:22:25.280 I'm not going to say what I think golf is. 0:22:25.920 --> 0:22:29.240 But yeah, not as much interested in golf. To be fair, 0:22:29.480 --> 0:22:31.560 I don't know that many Gen xers who are really 0:22:31.600 --> 0:22:34.399 big into golf either, but that might just be my 0:22:34.440 --> 0:22:37.200 own circle of friends. I mean, now, there are still 0:22:37.240 --> 0:22:40.600 a good number of millennials who do play golf, and 0:22:40.640 --> 0:22:42.600 you know, golf as a whole is also trying to 0:22:42.640 --> 0:22:45.919