Sobering stuff this week as lots of studies suggest that there will be a lost generation of young people who never manage to find long term, decently paid jobs, emerging from the recession.
The articles below suggest that this is a worldwide not just a UK phenomenon.
http://www.guardian.co.uk/business/2010/aug/11/unemployment-and-employment-statistics-recession
http://www.guardian.co.uk/law/2010/aug/13/interns-pay-cutting-opportunities
http://www.guardian.co.uk/business/2010/aug/11/unemployment-youth-recession-job-losses
So what might this mean for us?
Judging from the last recession some really interesting youth cultural things are worth considering in todays context.
1. Rise of designer clothing obssession amongst working class Britons – La Coste went mainstream
2. Hedonism – Ibiza and House Music rose out of recessionary Britain
3. Moving away from your home town in search of better things – exoduses from Central Scotland and Merseyside to the South
It will be fascinating to see what new cultrual trends will emerge from a bunch of people who feel that they my never manage to get a material stake in the future.
Might the impact on brands be a refusal to take any notice at all without more instant rewards? Will advertising budgets migrate massively to give aways, branded clubs and experiential activity?
