Baby Boomers Caused Millennials' Destructive Spending Habits

[SA]

Baby Boomers Caused Millennials' Destructive Spending Habits


Sometimes I hear people that like to blame millennials for several things.  Sometimes (rarely) I agree with them.  I raised a millennial.  I have a 21 year old.  I totally agree with this article!
I think this kind of goes hand in hand with some of the store closings we are seeing being posted about.

[RetroMonde]

Interesting article and I agree with it in theory but it doesn't really place the blame where it ultimately belongs either. It wasn't the boomers that created that s-storm of a recession. If I remember right it was caused by greedy pigs at the top of many financial industries- banking, wall street, housing bubble that burst, etc, that plunged us ALL into that little nightmare. The boomers were affected by the epic failures of the investments they'd made by putting their faith and $$ in those systems that HAD worked for the previous generation. 

I'm a boomer and hell yes I'm scarred, our millennial son living in our basement is probably scarred and our 21 year old son that was a kid when he saw the depression that whole debacle cause in our family is absolutely scarred. However (and it's sorta ironic) my grandmother never recovered from the GREAT depression and was somewhat of a food hoarder. But she and my Mom (what was a kid during that era) absolutely LOVED to shop for food, clothing, whatever. So I'm sorta wedged between the two things- still love to shop but have no faith in systems holding things together. Ah well, Happy Sunday morning, lol!   

[chapeaunoir]

But when a headline says millennials are killing another industry, it is worth remembering who and what created a generation that has become an industry-murdering machine.

This is petulant nonsense and the usual finger pointing that makes it easy to write opinion pieces that don't address the real issues. Those real issues being the bubble sustained by unbridled corporate mismanagement, as well as market forces such as the tech boom caused by the development of computing and then the inevitable bust resulting from both.

May as well blame the depression generation for killing a great deal of industry then.

[Pantlandia]

Thank goodness I'm a Gen X'er

[chapeaunoir]

I think you get to be blamed for apathy. Or a long Venus retrograde...or something.

The article is correct about Millennial's financial concerns and the knock-on effects, these are real and clearly described. The bone I have to pick is over the facile 'reasoning' - I know these writers are paid to come up with something, I mean I used to write magazine articles for hire and sometimes I'd really be grasping at straws, but this isn't thought through. I'm not real surprised, giving the amount of stuff she has in one day under her by-line, not every article is going to be well plotted (she's written other stuff that I thought was good).

It's too bad, because she could have done so much better explaining why this is happening in a way that's meaningful for those considering the business implications - she's got the 'what' but not the 'why'. But then the headline wouldn't be as splashy.

We had one - ONE - generation where shopping was a sport and retail over-expansion was significant (80s into early 90s) - we probably have three times as much square footage devoted to retail than any other country. Retail has been struggling since then due to this over-expansion. Now real market forces are causing another correction. I think we're all in this together.

ETA: This isn't personal at Liz for bringing up the article!!! I'm just disagreeing with the author's reasoning and get really irritated when I feel that thought is sacrificed for effect. 

[val2525]

"This is just some more millennial-blaming B.S.," one reader wrote in response to a recent Business Insider article with the headline "Millennials are killing chains like Buffalo Wild Wings and Applebee's."



Millennials aren't killing those two chains, the chains are doing it themselves. Those two have some of the unhealthiest food of any major chain in the country. I can go to most chains and have a decent meal and still keep my sodium intake at a reasonable level....except BWW and Applebees. At Applebees I can have a plain baked potato or bowl of lettuce with some tomatoes on it. Literally. BWW? One wing, maybe a half dozen fries (but that's cutting it close). THat's how bad the nutrition is at both of those places. And that affects seniors, millennials may avoid it by choice but the older generations do it out of necessity.

I'm sorry but they can't blame Millennials for that.

[chapeaunoir]

I agree - not keeping up with the times is probably the biggest impact on a lot of these stores - I see Millenials in pubs with decent food, I see oldsters at the McDonalds and the Appleby's south of me, it's true. Retail is really tough, we all know that, and it's tougher because there's so much change right now. One can't blame change on any one generation - everyone does what they do and tries to go with the times. If you want to really apportion blame, you'd have to go back to the beginning of retail when Zog sold a hunk of meet to Ugba at the Neanderthal Market - everything is really intertwined.

Though I'll have to say, myself and a lot of my friends have similar spending habits to Millenials and always have. I'm right on that bench with those kids whether they want me or not lol. Many of them make very intelligent decisions, as well, considering their youth and inexperience - I'm actually quite impressed and supportive of them.

[Deleted]

As a Gen-X, so many article were written about our generation in the 90's. We were called slackers, generation oh-hum. We didn't care about social causes, careers or humanity. These companies failed because they refused to change with the market.

[mupcycledcouture]

Hey fellow X-ers.

I dont even read these articles much because they, IMO, are sensation grabbing BS that are written to gain clicks for advertising and sometimes, try to divide the generations.

[Pantlandia]

When I got my tax return two years ago, I treated the family to Buffalo Wild Wings. There were 5 of us and I really wanted to try them but they have always been out of our budget. It ended up being a little over $100.00 AND the food sucked. I was very disappointed and will never go back. The price alone was enough to keep me away add wings that weren't any better than the ones I get at 7-11 and that seals it.

They can try to blame whoever they want, but the fault in this case was their own.

[Deleted]

I think companies need to respond better to the changes in consumer habits/spending.

I don't like BWW. Their food is overrated.

Side note: Chick-fil-A - Why do they kick everyone in their categories azz? Customer service. They offer a decent product ( I loved the grilled nuggets & Lemonade) and they change it up every so often. But the people they hire - Polite, respectful, and if they make a mistake they're shoving a GC for a sandwich at you. No one beats them at CS.

And I don't think Millennials are scarred from their parents. Have you seen the rate of car loans in the country? That's just part of it.

[Deleted]

Wild wings, Chili's and Applebee's the food in those places are awful. We stopped going years ago.

It does amazing me that these CEO's have business degrees, experience and can't see market changes fast enough. But I am sure they will get their big bonus and employees will get laid off with nothing.

[kritter]

I like Chilis. Love their guacamole and chips.

They change up the menu every few months and send me emails for $10 off $30 every other week. I go there maybe once a month just for the guacamole.

[chapeaunoir]

Some places that are franchises can really differ in their offerings. One will be great and another awful.

I know, Gen-X'ers were called Generation Slacker. I resent that, true slackery takes experience and dedication. Ask me.

The only two things that have really scarred me were an awful childhood and then an awful marriage - compared those two, everything else is just noise. Though I will say, a bunch of layoffs one after another has made me a little shell shocked - I keep forgetting to enjoy life and being freaked out about everything robs one of joy, but doesn't help whatever situation is freak-producing to begin with (easier said than done).

My zillion of Millenial nieces and nephews are doing fine - they're careful about financial decisions and aren't all caught up in the consumer lifestyle - they purchase what they need and I don't think any of them 'sport shop.' They like to save their money and time for doing things.

[Pantlandia]

My oldest son is just outside the Millennials (he was born in 1998, which is considered Gen Z). He's applying for jobs and I've thrown some places his way to apply to.

His first question is "What is the pay?" I have said this to him "Probably minimum wage, which is what you should expect when you're right out of high school and have no experience in anything..."

Last year, he was doing some sort of school project on basically what everything would cost after graduation and he had projected his wage to be $15.00 an hour. I told him that was a pretty high estimate on his wage and that it took me nearly 30 years before I found a job that paid at least that. He seemed dejected when I told him that realistically, he's looking at about $10.00 an hour.

[chapeaunoir]

The entry into the World Beyond can be pretty disillusioning.

[SA]

I think each generation makes a change in the world. Good, bad or ugly. And I do believe that it's the generation that raised them that impacts how they grow into adults. Just had a long convo about this with a friend
Sure, this article is an op-ed piece and is extreme.

Jeremy I'm telling you if he's up to it and he can do it - barista barista barista is the way to go. Min wage + tips = $15-$17/hr plus free food and caffeine benefits I think my DS is more excited about free food and coffee than tips though LOL!

[chapeaunoir]

Starbucks down the hill was hiring and despite the fact that I don't care for their coffee, the people are always nice. Unfortunately, I can't stand for long periods of time (over half an hour) due to hip problems, but if I could I'd apply - I think that would be a way to go.

[Pantlandia]

Jun 13, 2017 1:26:42 GMT SA said:

I think each generation makes a change in the world. Good, bad or ugly. And I do believe that it's the generation that raised them that impacts how they grow into adults. Just had a long convo about this with a friend
Sure, this article is an op-ed piece and is extreme.

Jeremy I'm telling you if he's up to it and he can do it - barista barista barista is the way to go. Min wage + tips = $15-$17/hr plus free food and caffeine benefits I think my DS is more excited about free food and coffee than tips though LOL!

I'll have him look into it. There are a couple not far from us, plus they are in Fred Meyer, too.

Jun 13, 2017 18:16:23 GMT chapeaunoir said:

Starbucks down the hill was hiring and despite the fact that I don't care for their coffee, the people are always nice. Unfortunately, I can't stand for long periods of time (over half an hour) due to hip problems, but if I could I'd apply - I think that would be a way to go.

I can't do the standing any more either due to my feet issues. I'm thinking I am going to need to find another part time job for a few months too Just to catch up and maybe put a little in savings.

[SA]

I will say that DS has learned this about the coffee chains:
Starbucks can offer better benefits. However, their tips aren't as good as local chains. The app and drive-thru have made their tips less. (ETA: customers tend to tip less in both of these instances)
Also - one of his barista gigs - they split the tips weekly by hours no matter what shift you work. And they only take out taxes for credit card tips. The cash tips are divvied up and paid cash on Fridays.
His other is divided by shift. ALL in his paycheck where they take out all the appropriate taxes.

I think the more fair option is tips divided by shift. Early morning always busts their butt and pulls in the most tips. Evenings are a bit slower and tend to pull in less tips.

[chapeaunoir]

A job where I can get up and down a lot is best for me anymore, so what I'm doing now fulfills that, but it pays crap lol. If I didn't have a two-income household there's no way I'd continue doing this save as a hobby. As it is, it brings in enough to plug up the holes and pay basic bills.

Contract work may be the way to go for you, Jeremy. I get the 'catch up' - I worked three jobs for a while when I was paying off all that debt just to try to accelerate it.

I recall reading articles when I was quite young about how OUR parents (the so-called 'greatest' generation) destroyed the next generation's work ethic by giving us 'all the things they had never had'.

[jandsknight]

I was born in May 1941, so I'm just a little too old to be considered a baby-boomer. My parents became adults during the great depression. I have always lived & thought like the article is "accusing" the millennials. I congratulate them!

[zoesam]

Jun 12, 2017 21:12:45 GMT Pantlandia said:

My oldest son is just outside the Millennials (he was born in 1998, which is considered Gen Z). He's applying for jobs and I've thrown some places his way to apply to.

His first question is "What is the pay?" I have said this to him "Probably minimum wage, which is what you should expect when you're right out of high school and have no experience in anything..."

Last year, he was doing some sort of school project on basically what everything would cost after graduation and he had projected his wage to be $15.00 an hour. I told him that was a pretty high estimate on his wage and that it took me nearly 30 years before I found a job that paid at least that. He seemed dejected when I told him that realistically, he's looking at about $10.00 an hour.

Kudos to you though for setting appropriate expectations!  I can't read the article b/c of my ad blocker, but I do think setting expectations is so important.  Not that they shouldn't strive, but when you know what's realistic, you can plan better. 

I was just having a similar discussion in another forum & to paraphrase a poster who replied to me (I don't want to copy her post here w/o her knowledge), she felt that where Millennials are really different is in that they were the first generation to EXPECT not to struggle.  I'm CFBC, so not sure if this is true, I'm sure there are exceptions, but there does seem to be a hint of truth just from what I see around me.  She said that "we" expected to work 2 jobs, drive beater cars & struggle until we achieved success.  But that millennials seem to expect the success right off the bat, without putting forth the effort.  What's interesting to me is that her "we" took us both into account & she started her first job in the late 90s, whereas I was almost 2 decades earlier.  I worked 3 jobs at 1 point, I never considered it a burden, it was what I wanted to do cuz I loved $$.  She didn't want a roommate, so she compromised & got a crappy apt, so that she didn't have to have one.  We knew that compromises came with the territory & we knew we would have to work hard to achieve financial success & that it wouldn't come overnight.   

Of course a friend recently told me that 1 college class now costs as much as my entire education cost  , which is kind of mind blowing, but then again we in earlier generations experienced the same thing with the cost of cars, houses, apartments, etc.