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RE: An article from a millenial about the future of many B&M

Posted by RGA (R) on June 25, 2017 at 06:47:32

In Reply to: RE: An article from a millenial about the future of many B&M posted by Industrial on June 23, 2017 at 11:22:29:

For us Canadians just substitute Applebees for "The Pantry" and Ruby Tuesday for White Spot or the Swiss Chalet. The sorts of Restaurants that after you drop $20 you think to yourself - man I just should have had a Big Mac combo it would probably be just as bad but for 1/3 the price.

I am not a big drinker so I would not know about the cocktails. Here in Hong Kong you will pay $10US ($13 Cad) for one in the party districts.

The main thing is buying power is vastly lower for millenials than boomers = back in the boomer era everything was relatively cheap from homes to education and jobs and even qualifications for jobs were minimal requiring only high school educations that for the same job today require 4+ year degrees.

So the notion they are more choosy about quality is only half true - they have to be choosy about quality because they only get one crack at it. They can't afford to buy a pair of jeans say that rip in 6 months. Back in the old days - meh it breaks you buy another one no big deal. But when your clothing budget for the years is $100 you have to make it count. Same for Applebees and the Pantry. If you have the $20 to eat middling crappy food then it doesn't bother you. But if you only have enough money to take yourself, wife and kids out for one restaurant meal every two months you damn well want that meal to be good.

The reasons these companies are going out of business is because there aren't enough people with enough disposable income to spend the money. The top 1% isn't going to eat at mediocre restaurants they are eating $80 a plate meals at Michelin star restaurants. The middle class goes and so do all the middle class targeted retailers. Heck in my town in Canada there are three dollar stores and a Value Village and a Walmart. I saw the same sort of thing on my vacation to Vegas. High end retailers and very low end retailers and the middle sort of getting killed unless it's somewhat famous like the Cheesecake Factory Hash-a-go-go but even these are middling quality with big portions in the hopes you don't notice that you are receiving slop.

We'll see what these Millenials do when they are 40-50years old. And it will be interesting to see which audio companies will manage to sell to a market of people who have no money. The more money they have to put out for food, medical, insurance will mean less money to spend on high end speakers and amps.

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