10 Recent Trends Suggest We’re Headed For Another Roaring 20s
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Remember the Roaring 20s? Not really? Us either. We weren’t born yet. But we have seen The Great Gatsby and, by God, the Roaring 20s seemed like a wild time to be alive. Or, in Jay Gatsby’s case, dead. R.I.P., Old Sport.
Anyway, with 16.4% of the US population vaccinated, CompareCredit set out to take the pulse of the country, and where the economy may be headed in 2021 and beyond.
Will there be another ‘Roaring Twenties’, just like the years after the Spanish Flu in 1918? An age of the Harlem Renaissance and the speakeasy, Hemingway and Fitzgerald, an artistic explosion filled with new voices and new hope. Or is the economy destined to crash?
What CompareCredit found was, despite the doom and gloom of 2020, many Americans feel optimistic. One in four people actually think Summer 2021 will be the start of another “Roaring Twenties.”
In this survey, conducted on behalf of CompareCredit by The Harris Poll among over 2,000 US adults, found that Gen Z and Millennials (Americans age 18-34) are the most optimistic group. More than a third (37%) said that Summer 2021 will be another roaring twenties period, compared to 18% of those age 35+). Women in this age group were the most optimistic, with 42% of Gen Z & millennial women saying that 2021 could kick off the next Roaring Twenties (compared to 17% of those age 35+).
There are 10 very good reasons why we could have another Roaring 20s on our hands. Now, we need to figure out how to take advantage of these ten trends so our bank accounts can be roaring too.
1. More Remote Work, More Van & Airbnb Lifestyles
When you can work remotely, you can literally work from anywhere. There will, of course, be an office culture again. However, a lot of businesses and industries might have finally embraced the reality that working from home can be productive. Not to mention that it can save companies boat loads of money on rent.
2. Extra Savings Will Turn into Spending Power
To invest or to spend? That is the question. After a year of doing nothing, a lot of people in the U.S. are in a better financial situation than ever before. That mean they can do both!
3. Cryptocurrency is Having a Millennial Moment
We know that Millennials only own 2% of all equities and mutual funds in the U.S. So where is their money going? A study from December suggests they are investing in cryptocurrency. Among people age 18-34:
- 38% said they would invest in crypto/bitcoin rather than government bonds
- 35% showed a preference for bitcoin over stocks
- 33% preferred bitcoin to real estate
4. Retail Is About To Have A Big Comeback
Thought retail was dead? Us too. eCommerce is obviously going to still continue to chip away at brick and mortar retail locations, but after a year of people never leaving the house and commercial real estate rents cheap as hell, big stores are planning to open more stores than they’re closing.
Never thought we’d look forward to go shopping in person again, but here we are.
5. Cheaper Rent, More Income
Between buildings lowering rent to retain tenants to stimulus checks coming fast and furious, a lot of people have more disposable income than ever before. According to research from StreetEasy, Manhattan rent prices declined by 15.5%, while rent prices in Brooklyn and Queens fell by 8.6%. Not to mention all the people and businesses who received stimulus money when they didn’t really need it.
Where do you think all that money is going to go? Some will be used to save and invest, but with the world getting back to normal, you better believe people will be spending more than ever. Because roar 20s, ROAR!
Head over to CompareCredit for the entire list of trends. The last 5 are just as compelling as the first.