Covid-19 affects millenials household income more, barometer
Millenials and Generation Z are feeling the impacts of the coronavirus more severely than any other generation as their household incomes become depressed according to the latest Covid-19 Barometer by market research agency Kantar.
The company’s COVID-19 Barometer, is a global study of how the corona virus crisis is influencing people’s attitudes, behaviours and expectations across more than 50 markets.
Although overall concern levels among this generation are lower than average, 35 per cent of 18-24 year olds and 37 per cent of 25-34 year olds say they are hugely concerned about the situation, compared to 41 per cent overall, the pandemic is having a greater impact on Millennials and GenZ than older generations.
Over half of Millennials (52 per cent) and 49 per cent of GenZ say they have already experienced an impact on their household income and an additional 26 per cent across the combined 18-34 age group expect to be impacted in the future – more than any other generation.
To manage their mental wellbeing, these young adults are turning to a broad range of coping mechanisms.
Social interaction has been the hardest to give up for 41 per cent of Millennials and GenZ, followed by freedom and leaving the house.
When compared to older generations, 18-34 year olds are engaging more intensely with coping strategies, with sleeping more and exercising the most common ways that this age group is choosing to manage their mental health and wellbeing:
The differences between how GenZ and Millennials are handling the situation are indicative of their differing concerns. While 18-24 year olds seem to be seeking ways to stay busy, 25-34 year olds appear more focused on activities that reduce stress as they feel the financial burden of the pandemic even more strongly than their younger counterparts.
Media consumption has also recorded a steep rise as lockdown and other limited movement mechanisms continue being instituted.
At-home media consumption as well as online consumption have grown significantly in lockdown, particularly among younger viewing audiences. Online video has seen the greatest increase, with 72 per cent of GenZ and 69 per cent of Millennials saying they use it more.
Of all the online platforms, YouTube has now seen the greatest increase, with 71 percent of GenZ and 65 per cent of Millennials using the channel more.
TikTok is also gaining momentum, with usage up by a third among GenZ and 27 per cent among Millennials.
Social media usage has also continued to rise, with over two thirds of the 18-34 age group spending more time on social channels. Instagram is the channel that has seen the greatest gains among young adults. 63 per cent of GenZ and 49 per cent of Millennials say they are using it more, perhaps as more people turn to the platform’s video and live-stream capabilities to participate in activities such as virtual workouts and cooking classes.