The emergence of another generational divide is making its way to the forefront of the American consciousness. As the majority of the Baby Boomer generation enters seniority, younger generations like Millennials and Gen-Xers are tasked with figuring out what to with their parents' stuff.
According to Tom Verde at the New York Times, younger generations are "reluctant" to inherit their parents' furniture, kitchenware, and general stuff that come as their parents downsize their living situations.
In the midst of all of this, Goodwill, a popular second-hand store and donation center, is absorbing a good bit of the loot.
"We are definitely getting overrun with furniture and about 20 percent more donations of everything than in previous years," says Michael Frohm, chief operating officer of Goodwill of Greater Washington, in the NYT report.
Goodwill isn't the only outlet experiencing the effects of this situation. In just the past few years, new industries have come out of the woodwork to try and address it. Self-storage, for example, has made gains due to the sheer amount of stuff that seniors are putting away that their children don't want. According to IBISWorld, the annual self-storage revenue was estimated to be about $32.7 billion in 2016 and has been predicted to grow at an annual rate of 3.5 percent over the next five years.
The National Association of Senior Move Managers have also jumped into the fray to capitalize on this. These managers help seniors with downsizing and disposing of the things that younger generations just refuse to take. According to the NYT report, the full cost of the services provided by these managers can reach up to $5,000 or more.
Other movements have risen from obscurity in recent years in an effort to curb the effects of this issue. Tiny houses have become popular for their affordability and mobility. Minimalism is also on the rise, encouraging people to simplify their living and organize their material goods in a way that bucks the traditions of older generations.
But amongst all of this information, there is one question that should be asked: Why aren't these younger generations taking this stuff?
Well, a lot of it has to do with a different mindset. New movements and trends are pushing Millennials and Gen-Xers to rethink the importance of material goods. Younger people are spending more on experience rather than material stuff, adopting the idea that living life will make you happier than owning stuff.
But there's also an economic factor at play. Experts are finding that younger generations are buckling under student loan debt and weak job security. Homeownership is also on the decline as younger generations are not able to put away enough to buy a home with the storage space to take on their parents goods.
The fact is that the generational divide is here, and there's no stopping it. Industries will continue to have to cope with the economic decisions of younger generations to come, and older generations will have to adapt to the changing world around them. Unfortunately for Goodwill, they might have a stockpile of rejected hand-me-downs for quite a bit, but hey -- maybe a new thrifting trend is on the way to save them.
Thank you for supporting MRCTV! As a tax-deductible, charitable organization, we rely on the support of our readers to keep us running! Keep MRCTV going with your gift here!