Millennials are defined as a population group of people born between the years of 1977 – 1994. Coming behind the footsteps of a population defined as Generation X (those born between the mid ‘60’s and early 70’s), millennials have profited from the societal and technological advances of those who came before them and have carved out their own unique place in society. Listed below are four markets that are booming because of millennials.
Cycling
Long gone are the days when riding a bicycle is considered to be an activity for children or athletes. Many millennials have chosen bicycling as an economical, eco friendly alternative to driving a car or using public transportation. Bicycle shops and cycling co-ops are thriving in major cities and small towns alike as on-road cyclists and touring groups share more of the road with motorists.
Bike retailers are not the only markets that are profiting from the cycling boom. Looking uniquely stylish on a bike is important to cycling enthusiasts. Custom safety gear like helmets and footwear are very popular among riders, as well as tech-forward wearables such as breathable jerseys and padded spandex shorts are flying off the shelves of retailers worldwide. What used to be a child’s casual plaything and a niche athlete’s equipment is now a burgeoning obsessions for a generation of people.
Craft Beer
Craft beer is generally defined as beer that is produced in small batches using organic ingredients and non-mechanized methods of productions. It is an alternative to standard commercial beer made in large batches that the typical consumer can purchase in any package store or commercial grocery chain. Craft beer breweries pride themselves in being a unique local skill that cannot be experienced in a random corner pub.
The amount of local craft beer breweries has grown exponentially as each business strives to offer a unique brew that satisfies even the most discerning of pallets. From IPAs, to stouts, to lagers, each brand of craft beer has its own unique flavor and often carries with it a local history that is legend to local consumers. Some craft breweries have become so popular that they offer coveted swag such as t-shirts and pint glasses that consumers can purchase to display their local brewery pride. Although some craft breweries offer their most popular brands on limited commercial basis, most die-hard craft beer fans are loyal small batch offerings that are available only in their area.
Vaping
Unlike the generation that preceding them, millennials did not grow up with cigarette advertisements featuring handsome men and glamorous women who touted the virtues of smoking. Instead, they grew up with warning from the Surgeon General that detailed the dangers of smoking. With warnings of lung cancer and heart disease looming overhead, they flocked to vaping, the smoking alternative that eliminates the tar and chemicals found in most tobacco products.
As the popularity of vaping grows, internet retailers and local shops offer vape products and accessories such as batteries, e liquid tanks, and flavored e-juices in various nicotine strengths that provide a new experience that is similar to smoking. Most major cities feature vape lounges where aficionados can experience a plethora of new flavors and blends that satisfy the discerning tastes of local vape enthusiasts as well as tourists seeking a local hometown experience.
Micro-Housing
As the cost of housing and utilities rose during the 2000’s, so did the interest downsized living reduced energy footsteps. The outcome of this interest is a rise in Micro-Housing – a minimalistic lifestyle that combines sustainable energy such as solar paneling with small, sensible living spaces.
Millennials are carving out living spaces for themselves that reduce the waste of valuable resources while creating a living space that safe and cozy. Contractors are not the only beneficiaries of this small home trend. Artisans who creature furniture created from repurposed items and materials are in high demand. Tiny homes are as unique as they are economical.
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