While most Americans are feeling the economic fallout from the coronavirus pandemic, older and younger workers have been hit particularly hard.
Our weekly Bain/Dynata survey of US consumers finds that 70% of respondents age 18 to 29 and 78% of those age 65 and older have either lost hours or income, been laid off or closed a business in response to the pandemic. That compares with around 55% of those age 30 to 44, and 52% of those in the 45-to-64 age bracket.
The effects are also different across income levels. Nearly 70% of those earning from $50,000 to $100,000 a year have been hurt. That’s higher than those making more than $100,000 (60%) and less than $50,000 (50%).
Karen Harris is managing director of Bain & Company's Macro Trends Group and is based in the firm's New York office.
Dynata provides first-party data for the Bain Consumer Health Index and provides a nationally representative sample of US adults (weekly) that constitutes the underlying data for this analysis.
More than 80% of US consumers are worried about the financial and health consequences of Covid-19, and nearly 90% have taken some type of action.
Our weekly survey finds nearly 60% of Americans have lost hours or pay, been laid off, or closed a business in response to the pandemic.
The global Covid-19 pandemic has extracted a terrible human toll and spurred sweeping changes in the world economy. Across industries, executives have begun reassessing their strategies and repositioning their companies to thrive now and in the world beyond coronavirus.