It seems to be the new trend that millennials are blamed for everything bad that happens in the U.S. From the decline of chain restaurants to homeownership, there is no failing industry that millennials are blamed for. So it should be no surprise that the age group is now being blamed for the death of cereal.
According to the Los Angeles Times, the cereal industry sales have dropped 17% from the $12.7 billion it earned in 2009 and it doesn’t seem that it will get better by 2020.
“The cereal category has undoubtedly had a challenging few years,” said Craig Bahner, president of U.S. morning foods at Kellogg Co. This has forced companies like General Mills and Post Holdings Inc. to begin rolling out new products to hopefully help their sales.
“Today’s consumer is changing quickly, so we’re putting all our effort towards understanding and responding to these changes,” General Mills Chairman Kendall Powell said at an investor conference in July.
These new changes will include healthier cereal and on-the-go options for those who don’t have the time to pour cereal into a bowl at the breakfast table every morning.