'Psychologically scarred' millennials are killing countless industries from napkins to Applebees — here are the businesses they like the least

Buffalo Wild Wings on Facebook

Millennials' preferences are killing dozens of industries. 

There are many complex reasons why millennials' preferences differ from prior generations, including less financial stability and psychological scars from growing up during the recession. 

"I think we have got a very significant psychological scar from this great recession," Morgan Stanley analyst Kimberly Greenberger told Business Insider.

Here are 19 things that millennials are killing. 

Casual dining chains like Buffalo Wild Wings and Applebee's

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Brands such as TGI Fridays, Ruby Tuesday, and Applebee's have faced sales slumps and dozens of restaurant closures as casual-dining chains have struggled to attract customers and increase sales.

In August, Applebee's announced it would close up to 135 restaurants, in part because it focused too much on winning over millennials and forgot its "Middle America roots." 

"Millennial consumers are more attracted than their elders to cooking at home, ordering delivery from restaurants, and eating quickly, in fast-casual or quick-serve restaurants," Buffalo Wild Wings CEO Sally Smith wrote in a letter to shareholders earlier this year. 

 

Beer

The Great American Beer Festival

In late July, Goldman Sachs downgraded both Boston Beer Company and Constellation Brands based on the data that younger consumers prefer wine and spirits to beer, as well as the fact that they're drinking less alcohol than older generations more generally.

Beer penetration fell 1% from 2016 to 2017 in the US market, while both wine and spirits were unmoved, according to Nielsen ratings. 

While some argue that calling a 1% drop in penetration a beer-industry homicide case is an overreaction, small shifts have a huge financial impact on beer industry giants. Beer already lost 10% of market share to wine and hard liquor from 2006 to 2016.

Napkins

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Younger consumers are opting for paper towels over napkins, according a Washington Post article from 2016. 

The Post points to a survey conducted by Mintel, which highlights that only 56% of shoppers said that they bought napkins in the past six months. However, 86% surveyed said they had purchased paper towels.

Paper towels are more functional than napkins, and can be used for more purposes. And, the Post noted that millennials are more likely to eat meals out of the home, contributing to the decline. 

See the rest of the story at Business Insider