Americans are still looking for deals even 10 years after the financial crisis. The CNBC article written by Lauren Thomas and Lauren Hirsch highlights how lifestyles have changed since the 2008 recession.
Retail and the Recession
At the time the recession hit coincided with when many Millennials entered the workforce. The unemployment rate reached a high of 9.5% at once point, jobs were hard to come by even as a college grad, and student loan payments came due. Many Millennials had to look for deals and discounts and do without a lot of non-necessities.
It was in 2008 and the years that followed when cities all over the nation experienced retail real estate changes. The big box, large square feet retailers began to struggle. People stopped buying like they once had. Retailers who sold discounted items flourished. New discount retailers popped up while department stores like Macy’s, Saks and Nordstrom struggled to compete. Store brands sold through retailers like Target and Amazon catered to those looking for a discounted price, decent quality, and who cared less about items being a brand name.
Delaying “Traditional” Lifestyles
It was during the height of the financial crisis that many of these up and coming “youngsters” (or what they have been dubbed as: millennials) delayed not only large purchases like home buying, but also major life events like marriage and having children. A huge population was either unemployed or underemployed, resulting in fewer large and extravagant weddings and taking the leap into parenthood. What the writers of the article found most interesting is that even though things have improved over the last 10 years, these lifestyle changes stuck. Overall, people are buying less goods, they expect a discount, and profits are much less than before for retailers.
Despite your best efforts to save and spend responsibly, you may have experienced a job loss, major medical issues, divorce or some other major financial crisis. If you need help, please call one of our offices for a free consultation with a caring and knowledgeable attorney.