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.
As the global pandemic deepens and the human cost of Covid-19 rises, the novel coronavirus outbreak is sending shocks through the world economy. But across industries, companies can take action now to protect their employees and customers and minimize the economic damage.