The Coronavirus (COVID-19) outbreak and its resulting recession will have a long-lasting impact on younger generations. This is the second recession faced by millennials, while the Gen Z cohort is coming of age and reaching key milestones in life. Rising unemployment, growing stress and home-centric lives will shape their value and consumption behaviour. Companies will need to adapt their strategies in order to stay relevant to millennials and Gen Z during the pandemic and beyond.
This report comes in PPT.
Young generations have been shaped by various global challenges such as global warming, unaffordable housing, political instability and financial and debt crisis. The outbreak of COVID-19 and its global impact is expected to become another generation-defining crisis for them:
For millennials (born between 1980-1994) this will be the second recession they have experienced after the 2008 Global Financial Crisis. As COVID-19 happens, older millennials may already have an established career, but younger ones have just started to work. Many also may just have become parents, managed to buy a house or now want to climb the property ladder.
For Generation Z (Gen Z, born between 1995-2009), COVID-19 will be the crisis of their generation. It comes at a critical time as older Gen Zers are finishing education and entering the workforce.
Given the importance of these consumer groups (millennials and Gen Z accounted for a combined 46% of the global population in 2019), businesses around the world have been adapting to the changing needs and expectations of millennials and Gen Z in light of COVID-19. Platforms and apps that are popular among the youth are putting mental health front and centre, while some fashion and beauty retailers are reallocating profit and repurposing production to help stop the spread of the virus.
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