Disruption from COVID-19 on millennials seems to be much greater compared to other generations i.e. where, how and how they buy in the middle of this epidemic. Watch the video below for a full insight.
Greg Petro, CEO of First Insight has described Millennials as the worry generation. The life events that Millennials have experienced might explain this. Millennials were children when 9/11 happened, and many of them were trying to get jobs in 2008, when there weren't enough jobs.
The impact of the COVID-19 epidemic could be compounding an already cautious generation in regards to where and how they spend their money. Millennials are expected to drastically cut their spending compared to other generations.
E-commerce businesses should be mindful of this impact, especially on-line groceries who are already seeing an increase in traffic. As well as, luxury and apparel retailers who are expecting a slump in sales by $80 million in 2020.