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Millennials have much more spending power than any previous generation, and the change in their spending habits has led to the coming and going of many brands. From Diet Pepsi, Apple iPod, to Tiffany, here are 20 of your favorite brands that may be gone before you realize it.
Campbell's Soup once dominated the kitchen, but now, it's more likely to be seen on a graphic T-shirt than on the dinner table. Young customers lost interest in the brand mainly because of its high amounts of sodium. The company is now focusing on organic products, but they aren't selling that well, either.
Diet Pepsi came onto the market as a response to worries about sugary sodas and went on to become super popular in the '90s. In recent years, their sales, unfortunately, have fallen drastically because of concerns about the potential harm of artificial sweeteners. Now, the youth prefer healthier drinks such as sparkling water.
The iPod became a sensation when it hit the market in 2001, and 100 million iPods were sold by 2007. Apple described its arrival as "the unveiling of a breakthrough digital device." In recent years, however, the portable music player has been replaced by the multi-functional iPhone. Now, only one iPod model is still in production: the Touch.
Once the "King of Beers," Budweiser fell to No. 4 in America's domestic beer sales in 2018. Today's consumers prefer new and more exciting alcoholic beverages, and many craft beer brands have exploded to meet demand. There are also other competitors, such as hard seltzers, low-sugar, low-carb alcoholic drinks, and unique flavor blends.
While Eggo waffles are enjoying a revival thanks to Stranger Things, Kellogg's other breakfast lineup is sliding year over year. Americans have lost interest in the super-sweet cereals of their childhood and are turning to on-the-go foods for their commute.
The comfy foam footwear has great popularity among moms, campers, and gardeners, but they are still struggling. Why? First, crocs are so durable that they almost never need replacing. Second, some customers worry that wearing these shoes is harmful to their feet.
Best known for its fashion shows and skimpy styles, Victoria's Secret is a little ragged in recent years. Analysts think that the brand's in-your-face sexuality, glam image, and reliance on skinny models no longer caters to today's consumers. Their sales have been decreasing year-over-year since 2016, and 250 stores were closed by 2020.
Known for its cameras and film, Kodak was once a cutting-edge company with around 145,000 employees. But with the blooming of smartphones and Instagram, "Kodak moments" had slipped away, and the company declared bankruptcy in 2012. Kodak is now desperately dabbling in cryptocurrency with "Kodakcoin," but it seems a real challenge to bounce back.
An iconic childhood snack, Jell-O always reminds us of cafeteria food and molded dessert rings. You may see it on your grandma's holiday buffet but will be surprised to see it in supermarkets. The company has had troubles catering to today's food trends of health and convenience, though it's trying to win over the youth by adding new products.
Even Harley Davidson motorcycles aren't immune to millennials' changing spending and transportation habits. As today's young consumers tend to use ride-hailing apps and public transportation, these motorcycles are becoming a luxury item of the past.
Consumers "Fall into The Gap" by a jingle a long time ago, but today, more and more shoppers are falling out of the closing retailer. GlobalData Retail managing director Neil Saunders explains that Gap's image is "lackluster" and its clothes are "samey and boring." So the brand is struggling and is considering shutting down hundreds of its namesake stores.
SlimFast used to be a heavyweight that made diet shakes and drink mixes. The company was recently sold for $350 million, a long way from the $2.4 billion that Unilever paid for it in 2000. The brand has been trying to boost sales by introducing new products, such as cookies and protein bars, but health-conscious consumers are seeking low-carb foods.
The nearly 200-year-old jewelry brand is also falling victim to the changing shopping habits of younger consumers. American millennials have lost interest in its signature rings, bracelets, and accessories. Tiffany hired Coach designer Reed Krakoff to overhaul its designs to attract younger shoppers, but it doesn't seem to have worked.
Kenmore appliances used to be so highly regarded that their nameplates were often seen among the best products around. But now, the brand is no longer competitive, and Sears is taking it off shelves. A director at consulting firm AArete described Kenmore's decline as "the equivalent of a flip phone in the smartphone era." Sears has attempted to sell off the brand but so far failed.
Fiat is disappearing in America, though it's still popular in Italy. Small cars of this brand have been plagued by complaints of unreliability and offering "choppy" rides, and as a result, their sales had been declining steadily for years. In recent years, Fiat has turned to making more of the light trucks and crossovers that younger Americans want.
Fast fashion is not trending anymore with millennials and Gen Z. Forever 21 lost popularity because its target demographic became more interested in sustainable business practices and vintage clothes at thrift stores. The brand filed for bankruptcy in 2019.
H&M is also not spared from falling victim to the downfall of fast fashion, though it's in a much better state than competitor Forever 21. The brand has been closing its stores for years and is struggling to dispose of the extensive unsold inventories clogging its shelves.
General Motors has killed off its Chevrolet Volt electric car as sales had been going downhill for a long time. Its gas-powered Cruze small sedan and Impala full-size car are also suffering in the market. That's because Americans now choose SUVs, pickup trucks, and crossover vehicles over passenger cars.
Claire's cheap and colorful earring multipacks have clearly lost their charm for today's younger folk. The teen jewelry brand filed for bankruptcy in 2018. Its free piercing service is unique but fails to translate online. Even their buy-one-get-one-free sales can't tempt shoppers to return.
Alongside its neighborhood Bar & Grill, Applebee's is fading away, and even its mainstream American dishes can't help. Younger generations are turning towards fast-casual restaurants like Chipotle, ordering online, or other healthier and more creative options. As a result, the restaurant chain has shuttered over 200 locations since 2016.