Bad news for the new avocado toast coffee shop down the block: No one is buying avocados anymore. That’s what the farmers are saying, at least. Agriculture companies’ stocks are falling dramatically because avocado demand has gone markedly down, reports the Wall Street Journal. This is bad news for farmers, but also for millennials because it’s unclear what hip food is sustaining them now!
Lest we forget a few years ago when an Australian millionaire told 60 Minutes Australia that the reason younger people weren’t buying houses is because they were too busy purchasing expensive avocado toasts. It seems millennials maybe listened to him–or maybe found something else. (Either way, millennials still aren’t doing great financially because of a confluence of issues that have little to do with their frivolous spending patterns–a big one being that income inequality is only getting worse in the U.S.)
Millennial purchasing trends notwithstanding, avocado sales are on the decline, and this is hurting farming businesses. The Australian agriculture company Costa Group, for example, last year said avocados were its fastest-growing segment. Now, it’s warning investors that it may miss its targets as demand for tomatoes, berries, and avocados has declined. And the company’s stock is now down over 38%. Other companies are reportedly experiencing similar situations.
The good news, of course, is that this means avocado prices will continue to go down. And maybe an avocado toast that’s sub-$12 will entice more people to actually eat the fruit. In the meantime, who wants some guacamole?
You can read the full WSJ report here.