Millennials ditching cities for the US countryside are boosting sales at rural businesses, the CEO of a $22 billion agriculture retailer says
- The pandemic has encouraged some millennials to move out of US cities to rural areas.
- Because of this, sales at some rural businesses have boomed.
- "We are seeing a revitalization of rural, led by millennials," Hal Lawton, the CEO of a $22 billion agricultural retailer, told CNBC.
Millennials are increasingly fleeing the city in pursuit of country life, and it's boosted sales at some rural businesses.
In an interview with CNBC's John Cramer on Monday, the CEO of
In a 3,000-person survey from Cowen & Company, 48% of millennials reported living in the suburbs in 2020, versus 44% in 2019. The same trend was true of the Gen Z consumers surveyed, i.e., people born after 1996 - 49% said they lived in the suburbs in 2020, up from 41% in 2019, Insider's Avery Hartmans reported.Lawton noted that more millennials were buying houses too, thus boosting home-improvement sales at his store. According to Apartment List's Homeownership report, millennials led the pack in home buying in 2020. For many, moving out of expensive city centers helped them get on the property market. Country life isn't for everyone, however. While some New Yorkers were reported to have fled the city at the height of the pandemic, many just made the transition from more densely populated areas of Manhattan to Brooklyn.
- UP's Chief Minister Yogi Adityanath announces free funerals for deceased Covid patients
- You no longer need a Covid+ve report to get admitted to a hospital: Union Health Ministry
- Supreme Court sets up a 12-member National Task Force to facilitate public health response to the pandemic
- Adobe Summit 2021: Empowering a digital-first economy through personalisation
- Crime branch to probe recovery of O2 concentrators from Delhi eateries, including Khan Market's famous Khan Chacha and Town Hall