The current disruption in economic activities caused by Covid-19 across all sectors have already affected employment across the world. Historic data shows young people were often hit harder by economic recession, with youth unemployment rates rising faster than the overall rates.
Global average gross income in 2020 is forecast to decline by 6.9 percent, lower than a contraction of 1.3 percent in the 2008 financial crisis. People under the age of 40 in the US, the UK, Italy and Spain will see significant declines in their average income in 2020.
A combination of unemployment, income decline often lead to a lag on key life milestones such as wealth accumulation, homeownership, marriage and childbirth. Marriage rates in Western Europe are forecast to decline from 4.5 to 4.4 per 1,000 population in 2020, partly due to financial setbacks and career uncertainties. New births in the region are also estimated to decline by 0.6 percent in 2020 and 1.4 percent in 2021.
In 2019, millennials and generation Z accounted for 46 percent of the global population, making them the largest consumer groups. In the UK, spending by households aged under 40 accounted for 30 percent of total consumer expenditure in 2019.
According to EMI’s health and nutrition survey, gen Z is also the most anxious generation with 54 percent of respondents express ’extremely’ or ‘moderate concern’ for their mental health.