Study: Millennials Are Changing Their Spending Habits Amid Coronavirus Fears
The Coronavirus has completely shaken up the country at this point, and it's now affecting the spending habits of millennials, a new study from First Insights found.
Schools, festivals, sporting events and more are being shut down left and right in fears of the virus spreading. Individuals have taken self precautions and now wear masks and gloves while in public. In fact, the study says that millennials are the most worried (out of all age groups), and as a result, have drastically changed their everyday lifestyle.
The CEO of retail predictive analytics at company First Insights, Greg Petro describes millennials as the "worried" generation.
A First Insights survey of 500 people found that with the rise of the coronavirus outbreak that 54% percent of millennials have already made a change in their spending habits. This is compared to 33% of baby boomers and 49% of generation Z.
According to CNBC, the survey also found that a total of 66% were at least somewhat worried about the coronavirus. Many have changed where and how they shop, whether it’s changing to online shopping for apparel and groceries or not shopping at all.
In fact, 93% said that they believe the outbreak will either somewhat or significantly impact the U.S. economy. Abercrombie and Fitch CFO Scott Lipesky predicts sales will lower up to $50 million during their first fiscal quarter, and even up to $80 million in 2020. With the estimated impact, it is unsure as to how the coronavirus will leave the world's economy.