The Millennial Demographic Provides Major Opportunity to a Range of Industries - 9/18/2019

From the Simplr studios in San Francisco, this is your weekly briefing.  

Introduction

With your E-Commerce Retail Briefing for today, Monday Wednesday, September 18, 2019, I'm Vincent Phamvan.

Millennials have become infamous for the industries they’re putting out of business, but what about the industries that are thriving? With one of the largest generations in history entering their prime spending years, many industries are finding opportunities to appeal to the demographic.

First, here are some retail headlines.

Starbucks Announce New Board Members

Starbucks announced adding Domino’s CEO, Nike’s CFO, and Apple’s Managing Director of Greater China to its board. In a statement, Starbucks CEO and President said quote, “their expertise across global technology, retail and customer experience at scale will accelerate our drive to innovate in a way that’s relevant to our customers and inspiring to our partners,” end quote.  

Shape Security Raises $51 Million in Series F Funding

Shape Security has raised $51 million in Series F funding, officially making it a unicorn. The anti-fraud startup, valued now at just over $1 billion, has raised a total of $183 million since the company began in 2011. Shape Security’s chief executive said the new $51 million investment would go toward the company’s international expansion and product development. He also announced the company was preparing to file for an IPO.

MoviePass has Stopped Operating

Film ticket app, MoviePass, has officially stopped operating. The app, which once had millions of subscribers, experienced a series of setbacks that makes this abrupt ending not altogether surprising. The most recent issue took place in August, when TechCrunch reported that MoviePass subscriber’s debit card numbers and other sensitive information had been exposed. They also began to raise prices during popular movie times and even re-enrolled subscribers in new services without their permission. In a statement, Helios and Matheson Analytics said they were considering selling the company, getting rid of individual assets, or possibly reorganizing.      

The Millennial Demographic Provides Major Opportunity to a Range of Industries

Media coverage often covers the industries millennials are killing, but what about the ones that are thriving? Millennials are one of the largest generations in history and they’re about to enter their prime spending years. Generation Y is set to receive $30 trillion in wealth from baby boomers and Gen X. That transfer of wealth is already producing change across a variety of industries. Those that come out on top will have to shift around the millennial market demographic, which shows a trend of preferring sustainability, affordability, and flexibility in products and services.

Camping is an industry that is thriving with the millennial market. Wholesale camping equipment sales rose $2.5 billion in 2018, compared to the less than $2 billion in 2013. And in 2018, a record high of almost 80 million American households went camping. Fitness is another industry that’s thriving, with millennials dropping $7 billion annually. While there’s a lot of opportunity and spending money ready for the taking in the millennial demographic, companies will need to continue innovating and embracing new technology to adapt to the changing landscape.  

Closing

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