Millennials Are Bearing the Brunt of Job Losses — Why That’s Bad News for the Future of Retail

August 10 2020 by Jennie Bell for Footwear News

 

The coronavirus pandemic has had a devastating impact on the U.S. economy, putting more than 100,000 small businesses out of operation and sending millions of workers to the unemployment line.

As many states have begun to lift their restrictions this summer, the country has seen some economic gains. In June, for instance, American employers added roughly 4.8 million jobs. And last month, they hired back another 1.8 million workers, despite a spike in COVID-19 cases across the country and renewed restrictions in some parts of the U.S. that forced businesses to shut down again.

As of the end of the July, the unemployment rate has dropped to 10.2%, down from its April high of 14.7%. However, many experts worry about the wider impact of this latest recession, particularly in regard to younger generations, who have taken the brunt of the recent layoffs and whose financial well-being is so crucial to the future of the American economy, particularly the retail industry.

… Regarding the former, a 2019 survey from retail predictive analytics company, First Insight found that 31% of millennials currently subscribe to subscription boxes in the U.S., versus 21% and 8% of Generation X and Baby Boomers, respectively.

Read the Full Article at Footwear News

retail  millennials  future of retail  CONSUMER REPORT  Consumer Survey

Looking for more info? Complete the form below.

Featured Product

InsightSuite for Small Business

Specialized Tools for Small & Emerging Businesses

The fastest and most cost effective way to increase sales, profits and sell-in for growing businesses and digitally native brands.

Learn more
Free Ebook

Maximize Value, Speed & Profit

Learn how to leverage Voice of the Customer Analytics and 3D Product Creation to make more profitable products, faster.

Get the Free E-book
Roundtable Video

Kohl's Creates Value W/Predictive Analytics

Learn How First Insight's Predictive Tools Fuel Kohl's Success

As one of the world's leading omnichannel retailers with more than 1,100 stores in 49 states, Kohl's is leveraging First Insight's predictive analytics solution and voice-of-the-customer data to improve their business.

Watch the Webinar
Webinar

Consumer Sustainability Survey 2021

The First Industry-Wide Consumer Study On Shoe Sustainability

This industry-wide survey aims to create a critical baseline that brands and retailers can use to ensure they understand what consumers actually comprehend, what terms and phrases resonate best, and what areas they should prioritize.

Download the Webinar & Findings
Supply Chain & Pricing

Navigating Disruption

How The Rockport Company is Optimizing Assortments and Pricing with Data + Digital Product Testing

Learn how The Rockport Company created a new product playbook powered by the Voice of the Customer and predictive tools.

View the Webinar & Highlights

HIGHEST DEMONSTRATED ROI. GUARANTEED.

Unparalleled Value Delivery and Lowest Total Cost Provider


Our industry-leading platform takes your experience management operations from reactive to proactive. We empower you to create products, brands, and customer and employee engagement that deliver growth to both your top and bottom lines.