San Francisco: Millennials driving growth of 12 industries

San Francisco (IANS): Thanks to their increased spending power, millennials are driving the growth of several industries including fitness, travel, houseplants, skincare and frozen foods in the US, according to a report.

The other industries that are set to thrive due to millennials include camping, fast casual dining, coffee, seltzer, automotive, micromobility and personal finance, said the report from CB Insights.

"Popular media coverage of millennials often fixates on the industries the generation is allegedly killing and their supposed fiscal irresponsibility. But over the next few decades, Generation Y will enter its prime spending years -- and it's set to receive $30 trillion in wealth from baby boomers and Gen X," said the report. This transfer of wealth has already begun transforming a range of industries. Some industries benefiting from millennials' increased spending power, such as travel, reflect well-worn Gen Y tropes like the general preference for "experiences" over things.

Others, like car ownership and camping, show that many of the claims about millennials' different spending habits are overblown, and that significant continuities exist between Gen Y and their parents and grandparents.

The companies that will come out on top are those that are reorganizing and reprioritising around Generation Y. This means they are embracing changing preferences to offer more sustainability, affordability and flexibility in their products and services, said the report titled "12 Industries That Will Thrive Thanks To Millennials".