You know what makes Business Insider Business Insider?
They took this article, didn't link to it, and got "Millennials' habits are threatening countless industries — but a new report says it's only because they're poorer than their parents". You wanna see the first point Deloitte made?
There is a seismic shift that has taken place in the United States over the past 50 years. The population has become increasingly heterogeneous: Millennials, now representing 30 percent of the population, are the most diverse generational cohort in US history, with roughly 44 percent consisting of ethnic and racial minorities. In comparison, only 25 percent of baby boomers belong to ethnic and racial minorities (figure 1).
This increased diversity, while most pronounced in the millennial generation, is not a uniquely millennial attribute. The shift in the ethnic and racial makeup of the United States has been underway for some time now, with the consumer base becoming increasingly diverse. The current racial makeup of the United States (and the consumer) is barely 50 percent white and the number is likely to continue shrinking. The non-Hispanic white population is projected to drop from 199 million in 2020 to 179 million in 2060—a decline of 10 percent—even as the US population continues to grow.
It takes a Blodgett property to go "HURR DURR AVOCADO TOAST" when a consultancy firm has already given you this:
And when they say "economic shift" they mean "let them eat cake shift." Check this out:
Between 2007 and 2017, income growth for the high-income cohort (>US$100,000 in mean household income) rose 1,305 percent more than the lower-income group (<US$50,000 in mean household income) in the United States. This divide has been even more conspicuous because of the rise in nondiscretionary expenses across groups (figure 2). The bottom 40 percent of earners had less discretionary income in 2017 than they did 10 years ago, and the next 40 percent saw only a minor increase. Only 20 percent of consumers were meaningfully better off in 2017 than they were in 2007, with precious little income left to spend on discretionary retail.
Yeah. If you're in the top quintile - naaah, fuck. Whenever you say "1305%" you're not really using numbers. Check the chart. If you stayed in your lane between 2005 and 2015, and that lane was "the middle", your income went from $46k to $56k. But if your lane was "upper class", your income went from $159k to $202k. If your lane was "the rich" you went from $281k to $351k. If you were rich, your "standing still" was an increase of $70k.