Millennials are critical to luxury brands' future. Image credit: “Meet the HENRYs: The Millennials that Matter Most for Luxury Brands” (Paramount Book Publishing, 2019)
What impact is the coronavirus having on consumer purchase decisions and behavior?
“As the coronavirus continues to impact our economy, millennials are emerging as the most concerned generation,” said Greg Petro, CEO of Warrendale, PA-based First Insight, in a statement.
“While most consumers are worried about the virus’ overall impact, the behavior of millennials is changing more dramatically than any other generation – they are cutting their spending, stocking up on groceries, using public transportation less and staying indoors,” he said.