Apple’s Takedown of Handbags
The average consumer spends 40 minutes a day on Facebook and Pandora, more than on any other online destination. But winning in tech doesn’t mean cutting into those minutes. A few tech companies that are used for less than a minute per day have become billion-dollar businesses, from appointment maker ZocDoc to meal deliverer HelloFresh. A winner: parents. Netflix is rolling out five-minute versions of popular children’s shows to help parents lull their kids to sleep – but that strategy could backfire when the little ones realize they are being duped. A loser: the handbag sector. As Apple becomes a luxury brand, Coach, Tumi, Kate Spade, and Michael Kors are seeing their stock tumble. Another loser: religion. The U.S. public is slowly becoming less religious. Fewer millennials pray daily or attend weekly services compared with their older counterparts.