On Wednesday, dramatic declines in the auto and retail sectors did not seem to drag the market down with them, and Jim Cramer shared his reason why.
"First, there's a major change occurring in how individuals spend their time and money. At this point, we've all doubtless gotten sick of the term 'experiential' to explain why people do things, but we shouldn't just roll our eyes at such an important trend," the "Mad Money" host said.
In fact, areas benefiting from experiential trends topped Cramer's list of the industries contributing to the market's overall strength: travel and leisure, health care, capital goods, oil and gas derivatives, the stay-at-home economy, defense, aerospace, housing, e-commerce and the banks.
Cramer sees travel and leisure's boom as a direct result of millennials' disinterest in material goods. They are choosing to spend their money on seeing and doing, in part due to the rise of the "selfie generation," and in part because of a genuine desire to see the world, he said.
"Whatever, travel and leisure stocks, everything from hotels and time shares to airlines and cruises, live on the new-high list, and with good reasons: they all seem to have endless runs of better-than-expected earnings — remember, that's what drives stocks — and, crucially, these industries employ a huge number of people," Cramer explained.