Credit unions (CUs) have been particularly invested in helping microbusinesses, with a sizable share of them intending to launch innovations geared toward these companies within the next three years. And in retail, a newly restructured firm has come onto the scene to create and market health/beauty brands for Gen Z and millennial consumers. All this, Today in Data.
92%: Share of microbusinesses that are seeing cash flow crunches as a result of the pandemic.
86%: Share of global Gen Z customers who spend money on cosmetics.
40.8% Portion of CUs planning to develop more microbusiness-focused products.
27M: Number of individuals in the U.S. who work for microbusinesses with fewer than five employees.
$2.8B: Sales of U.S. “prestige” beauty products in Q2 2020.