YouGov published titled "The US luxury boom" in April.
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YouGov published a report about Americans' desire for luxury goods despite concerns over inflation.
Future luxury shoppers are young parents with disposable income and an optimistic outlook.
Respondents said they're more likely to pay for luxury goods in 2024 compared to 2021.
Young parents are becoming the face of luxury in America.
A report published this month by YouGov, a market research company, explored Americans' hunger for luxury goods and brands. The research and data analytics firm pulled data from its YouGov Profiles — which include more than 27 million global panel members — and its YouGov Brand Index.
"Luxury demand continues to skyrocket despite inflationary fluctuations," the SVP at YouGov America, Chris Melchiorre, said in a statement. "As more Americans purchase or consider purchasing luxury goods, luxury brands need a holistic understanding of their evolving and broadening customer segments."
In fact, the report found that more respondents in 2024 will likely buy a luxury good in the next 12 months than in 2021.
The report analyzed Americans' luxury shopping trends from 2021 to 2024.
Carlina Teteris/Getty IMages
While most of the report discussed luxury consumer trends between 2021 and 2024, it also looked at future luxury buyers, defined as Americans who said they would purchase luxury goods during the next 12 months.
"Americans who are likely to buy luxury goods in the next 12 months are more likely than the general population to be aged 25-34, parents, and financially optimistic," YouGov found.
According to the report, 32% of future luxury buyers are between 25 and 34 years old.
The report also found that 47% of future luxury buyers are parents or guardians, and 26% have at least $5,000 in household disposable income. This cohort of future luxury buyers is also optimistic, with 53% expecting their housing situation to improve in the next 12 months.
As for what brands future luxury buyers look toward, the report ranked Gucci at No. 1, with 36% of that cohort indicating they're considering purchasing an item. Gucci is followed by Rolex, Dior, Tiffany & Co., and Louis Vuitton.
For a certain type of newly rich, young American man, the Herman Miller Eames lounge chair and ottoman is the pinnacle of status.
iStock; Rebecca Zisser/BI
The first time I heard about The Chair was from a tech guy at an LCD Soundsystem show in New York City's Queens borough. A coworker had told him about it earlier in the week, and fueled by some espresso martinis, he'd ordered the chair for himself that same night for a cool $7,000. I later mentioned the episode to a friend, expressing disbelief at the amount someone would impulsively pay for a piece of furniture that I remembered only as "some chair that's also at the MoMA or something." She knew its name, the Herman Miller Eames lounge chair and ottoman, and said that she knew someone else who had one — a finance guy. Oh, and come to think of it, there was another tech guy who had it, too.
I'd stumbled into a real phenomenon — guys really do like that chair. "I'm convinced the majority of dudes wake up and go to work so they can one day afford this chair in their living room," one Twitter/X user wrote this month in a viral post accompanied by a picture of the chair.
Midcentury modern has been in vogue for the past couple of decades, and for a certain type of design-curious guy, the Eames chair has become the must-have piece. Search interest in it has picked up in recent years, and while Herman Miller won't disclose sales numbers, Amy Auscherman, the director of global archives and brand heritage for MillerKnoll, Herman Miller's parent company, said she could "confidently say" it was selling more of them than ever.
Guys literally only want one thing, and it's apparently this superexpensive leather-bound lounger. (Or one of the plethora of lower-price knockoffs.)
"The Eames chair is basically meme status," said Joel Vanderveen, a 35-year-old from Minnesota who created a subreddit about a decade ago dedicated to all things Eames. "It's like, 'Hey, I'm a guy. I live by myself. I make a lot of money. I want to make my place look good for a variety of reasons. Oh, what's this chair? I'm going to get that. I can spend that money.'"
The Eames lounge chair and ottoman was created by the 20th-century design duo Charles and Ray Eames and released by Herman Miller, now under MillerKnoll, in 1956. It's mass-produced, but it's not priced for the masses — a new chair and ottoman will run you $7,395, plus tax and shipping. The Eamses were dismayed by the high price point on the chair, Pat Kirkham, a professor of design history at Kingston University in London and the author of a book about the couple, told me, calling it "miserably expensive." The pair had many designs, but the lounge chair is by far the most recognizable.
"Until the last 10 years, when people would say to me they had an Eames chair, I never knew which one they meant," Kirkham said.
The Eames was meant to be an updated version of a 19th-century English club chair with the warm, welcoming look of a well-worn baseball mitt. And while the chair wasn't created with a "For Dudes" stamp on it, after almost 70 years of marketing and culture, it's developed a certain reputation.
"They weren't modeling it as particularly male, but I think it has been advertised, promoted more with men in it," Kirkham said.
The chair made appearances in the pages of men's magazines in the '60s and eventually worked its way into popular culture — it could be spotted on the sitcom "Frasier" in the '90s.
"It's always been interesting, if not funny, to me that the chair was featured early on in Playboy magazine as a status symbol in some ways," Auscherman said.
You feel cool in it. You feel like you're the boss of the house.
That status-symbol status persists. Among men of a certain age — and bank-account size — the chair signifies that they "made it." It's classic enough to convey a sense of style, even if it's a touch cliché. The Eames lounger is a luxury item that's high quality and coveted, something that looks nice in person, on Instagram, or in the background of a Zoom call.
"You feel cool in it. You feel like you're the boss of the house. And because it's expensive, it's aspirational because it takes up a lot of space," Julia Mack, an interior designer in Brooklyn, New York, said.
It's an obvious pick for men who are design-minded and for men who aren't. Black leather, wood base, toss it in a living room or a home office, and voila, a statement piece.
"Guys can be unsure about what they want, especially when they're bachelors, and if they know that this piece is iconic and has long-lasting cool, it's an easy choice," Jennifer Jones, the principal designer at Niche Interiors in San Francisco, said.
It was indeed a bachelor buy for Kyle, a 39-year-old hedge funder in Brooklyn who agreed to talk to me on the condition I omit his last name in case he sounded "douchey." He's wanted the Eames chair forever, and after years of seeing it on Tumblr and in design blogs, he finally bought it in 2021, right after a breakup.
"I don't think it's a stretch of the imagination that I did kind of obsess about it, which is kind of sad and pathetic," he told me. "But every time I went by a Design Within Reach store, I always had to stop in and sit in the chair and tell myself one day, when I make it, I'm finally going to get one of those."
He compares it to a Rolex or a Porsche, where some people want it because it looks cool or is a status symbol, while others are "purists and absolute nut jobs" who obsess over the details. The Eames chair is one of those rare luxury goods that checks all those boxes for novices and experts alike, in his view. He appreciates the craftsmanship and knows it's something he'll have for a long time.
"It's the same thing as a nice dining table or a nice couch or a piece of art on your wall, but it has some functionality," he said.
I don't think it's a stretch of the imagination that I did kind of obsess about it, which is kind of sad and pathetic.
Zak Cole, a 36-year-old who lives in Nashville and is a managing partner at a Web3 venture studio, wasn't worried about sounding douchey. He told me he'd intended to come off as "pretentious" in our conversation about the chair, but then I caught him while he was driving and we just had to do real talk. He used to work in production design in Los Angeles, where he'd see it used to convey a sense of refinement on sets, and he got one of his own for his home office around spring 2021. He likes the history, the quality, and the aesthetic, and it doesn't hurt that people comment on it when they see it in the background of video calls.
"I think it's just reminiscent of a bygone era, and a lot of people are bought into that entrepreneurial hustle mindset. And having that type of chair is something of an indicator of success," he said. "Most everything you get nowadays is Wayfair or something like that, or Ikea. It's all throwaway garbage. And nobody puts much care into design. It's like everything is fast fashion, fast food, fast, fast furniture."
Not everyone with the Eames chair has a new one, an expensive one, or even a real one. Reporting for this story, I came across a couple of guys who had inherited them — one from his grandfather in Michigan from the '60s, another from his father in Minnesota, who'd traded it for suits from his clothing store in the '80s. Some people had gotten them for a discount — one because he was an architect, Kyle because his ex-girlfriend knew someone who got 50% off and the breakup was amicable. Shawn Pasternak, a 31-year-old Washington researcher, bought a $1,500 knockoff last year when he moved into his one-bedroom condo. He still considers it an "aspirational adult purchase."
"I obviously saw the $7,500 Herman Miller option, and then I saw others at various price points that looked basically functionally the same. And so for me, it wasn't a matter of, 'I need the most expensive model,'" he said.
None of the men I talked to could pinpoint exactly why they wanted the chair — it's aspirational, it's nice, it's comfortable, though not as comfortable as the couch or a La-Z-Boy. The Eames chair seems eco-friendly, too — they're not going to be tossing it out in two years. Some mentioned that it might be an investment piece. Many of them had gotten the chairs during or after the pandemic, at a moment when a lot of people had money to spend and nowhere to spend it and were spending an extra-large amount of time at home.
"That sort of awareness of your interiors, I think, certainly became more pervasive during the pandemic. And it also just coincided with some people having the extra money to invest in these pieces for their homes that — I mean, they're iconic, they're well made, and they're heirlooms," Auscherman said.
I would like to say it's not an aspirational thing, and it's not that shallow. But it probably is a little bit.
Derek Guy, a menswear writer and commentator, said he thought the Eames fandom among guys was a mix of those who are into midcentury-modern stuff and those who just want to flex. The trend broadly fits into a broader contemporary, vaguely hipster aesthetic.
"All of these things have kind of signaled either a certain kind of middle-classness, white liberal Democrat, to just be frank, or this HENRY — high earner, not rich yet — lifestyle," Guy said. "And for many, that's pretty aspirational. It's a status signal."
The ubiquity and recognizability of the Eames chair may make it less desirable to some. Consumers who are drawn to luxury items often prize things that are scarce, which the lounger isn't. Loren Kreiss, a Los Angeles interior designer who has expressed distaste for the Eames chair on social media, told me he's "totally over it." In his view, it's too common to warrant the high price point if it's authentic, and if you're getting a copycat, it's too basic.
"We've seen enough Eames chairs to last 20 lifetimes," he said. "If it's a family heirloom or you find a vintage piece, that's a totally different story. But if you're just going to overspend or buy a knockoff, I'm in the 'who cares' camp. Say more with less."
Young men, especially those with higher incomes, have a good amount of purchasing power. As many of them are getting married later or foregoing buying houses, they've also got cash to spend. Some of them are throwing their money into gambling, while others are investing in a fancy leather chair that gives off "Mad Men" vibes.
Kyle is happy with his Eames purchase overall. His new girlfriend likes it, and his dog knows to stay off it. He does have to make a conscious effort to sit in it; otherwise he forgets. It's not as comfy as the couch, and the idea that it would get him to read more did not pan out.
"I would like to say it's not an aspirational thing, and it's not that shallow," he said. "But it probably is a little bit."
Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy.
New York City is one of many areas across the country offering guaranteed basic income to low-income residents.
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Guaranteed basic-income programs can help low-income participants afford necessities like rent.
BI found over 50 municipalities that have tried GBI, offering cash for housing and groceries.
Despite legislative opposition, basic-income programs remain active across the country.
Ingrid Sullivan, 48, used her cash from the San Antonio guaranteed basic-income program to rent a home where her grandchildren can play in the yard. And Monique Gonzalez, 41, moved herself and her family out of a San Antonio motel.
Denver resident Jarun Laws, 51, used his basic income to pay his rent and buyfood.
"My life was always just a couple hundred dollars short," Sullivan told Business Insider. "For the first time, I can breathe."
Guaranteed basic income has become an increasingly popular poverty-solution strategy in US cities. Over 50 municipalities have tried the GBI model since 2019, offering low-income participants between $100 and $1,000 a month, no strings attached, for a set time period.
What makes basic income different from traditional Social Services is the element of choice. Participants told BIthey spent the money where they needed it most: on housing, groceries, transportation, and debt repayment.
Typically, participants fall below the federal poverty line. However, some programs have also focused on specific populations such as new and expecting mothers, households with children, or people experiencing homelessness.
Basic income pilots have been completed in cities and counties in Arizona, Alabama, Virginia, Rhode Island, Pennsylvania, New Jersey, Mississippi, Louisiana, Indiana, Florida, North Carolina, South Carolina, Washington, and Washington DC.
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GBI continues to face legislative opposition from Republican lawmakers who have called the programs "socialist," and worry they discourage low-income people from entering the workforce.
For example, Iowa passed a ban on GBI in April, and the Arizona House of Representatives voted to ban basic income in February. And on April 23, The Texas Supreme Court placed a temporary block on a Houston-area program the attorney general has called "unconstitutional."
Despite these political challenges, basic-income programs continue to be active across the country. Here's a breakdown of states, listed in alphabetical order, where cash payments are currently being offered to low-income residents.
California
Los Angeles, California
LPETTET/Getty
Location: Los Angeles Program name:Breathe Duration: June 2022 – August 2025 Income amount: $1,000 every month for three years Number of participants: 1,000 low-income households
Location: Long Beach Program name:Long Beach Pledge Duration: Spring 2024 – spring 2025 Income amount: $500 a month for 12 months Number of participants: 200 low-income households with children
Location: Mountain View Program name:Elevate MV Duration: December 2022 – December 2024 Income amount: $500 a month for 24 months Number of participants: 166 low-income parents
Location: Sonoma County Program name:Pathway to Income Equity Duration: January 2023 – January 2025 Income amount: $500 a month for 24 months Number of participants: 305 low-income families
Previous basic income pilots have been run in San Francisco, Compton, Oakland, Santa Clara, San Diego, Stockton, and Marin County.
Colorado
Denver, Colorado
Walter Bibikow / Getty Images
Location: Denver Program name:The Denver Basic Income Project Duration: November 2022 – July 2024 Income amount: Participants were divided into three groups: One receives $1,000 a month for a year; another receives $6,500 up front and then $500 a month from there; and another gets $50 a month. Number of participants: 800 unhoused and low-income households
Georgia
Atlanta, Georgia
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Location: Atlanta, Southwest Georgia, and the City of College Park Program name:The Georgia Resilience and Opportunity Fund Duration:Fall 2022 – fall 2024 Income amount:Average payments of $850 a month over 24 months Number of participants: 650 low-income Black women
Illinois
Chicago, Illinois
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Location: Cook County Program name:The Cook County Promise Duration: December 2022 – December 2024 Income amount: $500 a month for 24 months Number of participants: 3,250 low-to-moderate income families
Location: Evanston Program name:Guaranteed Income Program Duration: First round ran December 2022 – December 2023, second round begins summer 2024 Income amount: $500 a month for one year Number of participants: 150 low-income families
Location: Somerville Program name:The Somerville Guaranteed Basic Income Program Duration: July 2024 – July 2025 Income amount: $750 a month for 12 months Number of participants: 200 low-income families
Basic-income programs were previously run in Boston, Chelsea, and Cambridge.
Maryland
Baltimore, Maryland
David Shvartsman / Getty Images
Location: Baltimore Program name:The Baltimore Young Families Success Fund Duration: August 2022 – July 2024 Income amount: $1,000 a month for 24 months Number of participants: 200 young parents
Michigan
Ann Arbor, Michigan
Barry Winiker/Getty Images
Location: Ann Arbor Program name:Guaranteed Income to Grow Ann Arbor Duration: January 2024 – January 2025 Income amount: $528 a month for 24 months Number of participants: 100 low-income entrepreneurs
Location: Flint Program name:Rx Kids Duration: January 2024 – spring 2025 Income amount: $1,500 lump sum, then $500 monthly payments during the first year of a baby's life Number of participants: 1,200 new and expectant mothers
Minnesota
Minneapolis, Minnesota
Education Images / Getty Images
Location: Minneapolis Program name:Minneapolis Guaranteed Basic Income Pilot Duration: June 2022 – June 2024 Income amount: $500 a month for two years Number of participants: 200 low-income households
A program in St. Paul began in 2020 and provided basic income to families for 18 months.
New Mexico
Santa Fe, New Mexico
John Elk III / Getty Images
Location: Santa Fe Program name:The City of Santa Fe Learn, Earn, Achieve Program Duration: Initially ran October 2021 – September 2022, extended through the 2023-2024 academic year. Income amount: $400 a month for 12 months Number of participants: 98 young, low-income parents enrolled in a certificate or degree program at the Santa Fe Community College
New York
New York City, New York
Alexander Spatari/Getty Images
Location: New York City, Rochester, and Buffalo Program name:The Bridge Project Duration: June 2021 – ongoing Income amount: Up to $1,000 a month for three years Number of participants: 1,200 low-income mothers
Location: Hudson Program name:HudsonUP Duration: Five years, with staggered cohorts launched in fall 2020, 2021, and 2023 Income amount: $500 a month for 5 years Number of participants: 128 households
A 17-month program in Ulster County that provided basic income to 100 households ended in September 2022, and another program in Ithaca gave a full year of cash payments to unpaid caregivers through May 2023.
Texas
San Antonio, Texas
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Location: San Antonio Program name: UpTogether San Antonio Duration: Summer 2023 – December 2024 Income amount: $500 a month for 18 months Number of participants: 25 low-income families
Location: Harris County Program name:Uplift Harris Duration: Initially scheduled to begin in April 2024, but delayed because of the Texas Supreme Court ruling Income amount: $500 a month for 18 months Number of participants: 1,928 low-income households
An earlier San Antonio program offered $5,108 to 1,000 families over a 25-month period that began in December 2020. The Austin Guaranteed Income Pilot also gave participants $1,000 a month ending in May 2023.
Have you benefited from a guaranteed basic-income program? Are you open to sharing how you spent the money? Reach out to this reporter at allisonkelly@insider.com.
Buffett's late business partner, Charlie Munger, said the Berkshire Hathaway CEO prizes ingenuity and scrappiness during Wesco's annual meeting in 1987. That's according to Gurufocus, which cited an issue of "Outstanding Investor Digest" that year.
"His definition of a wonderful person is somebody who could fall out of a freight car with no money in a strange town and without cheating anybody become rich without waiting too long. And when he finds one of those, why naturally he's very pleased to back him."
Trahan, a content creator with about 15 million YouTube subscribers, has built his brand around his ability to turn a penny into hundreds or even thousands of dollars in a matter of days.
In 2022, starting with a single cent, he managed to travel from California to North Carolina in the space of 30 days. He did so by swapping the penny for a pen from a passerby, selling the pen for a dollar to another stranger, using the dollar to buy a bottle of water then selling it on for $2, and so on.
Trahan funded his bus trips, Uber rides, and flights by delivering food, walking dogs, mowing lawns, cleaning cars, washing windows, telling jokes, and drawing caricatures for cash.
He often slept in a hammock to save on accommodation, ordered a lettuce-less McChicken at McDonald's virtually every day, and showered at a gym using a free trial membership.
Trahan also nodded to Buffett — who owns $131 billion worth of Berkshire stock — by investing in assets that would retain their value even if he ran out of cash, such as gift cards, a blanket, and a bicycle.
During one of his earliest penny challenges in 2017, Trahan subscribed to Buffett's value-investing philosophy by sniffing out bargains in thrift stores and online marketplaces, then flipping them for a profit.
There are clear similarities between Buffett and Trahan, including investment savvy and hustle, a taste for junk food and dislike of anything green, and a willingness to live cheaply.
Buffett even hailed the power of a penny during the HBO documentary "Becoming Warren Buffett": "I was delivering 500 papers a day and I made a penny a paper but in turns of compounding that penny's turned into something else," he said.
Trahan may well have taken inspiration from the legendary investor.
"I love this guy's voice," he said about Buffett in a video last fall, in which he jokingly invited the Berkshire chief (with the promise that Coca-Cola would be served) and a raft of other billionaires to his birthday party.
Buffett and Trahan may be several generations apart, but they show that whether you're starting with a cent or you're already a centibillionaire, the ability to make money never gets old.
America's men aren't working at the same rate they used to. Experts are still trying to figure out why.
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The share of prime working-age US men with a job has declined from about 96% in the 1950s to 86% today.
Some positive factors, like the rise of working women, have contributed to the decline.
But there are also several more concerning reasons men aren't working like they used to.
America's men are working at much lower rates than they used to — and the reasons are a mixed bag of positive and negative economic news.
In the early 1950s, as many as 96% of prime working-ageAmerican men, who were between the ages of 25 and 54, had jobs. Due to a mix of factors, from the effects of recessions to those of globalization, only about 86% do today, below the OECD average of other developed countries as of 2022.
It's left many men struggling to support themselves financially. Plus, the longer they're out of the workforce, the higher the chances they'll experience a loss of dignity and mental health challenges, experts say.
Here's why the decline of working men might be happening.
It could be all about recessions
Since the 1950s, whenever the US economy fell into a recession, the rate of working men tended to suffer a lasting blow.
When the economy entered a recession in 1953,the share of prime-age men with jobs dropped from 96% to 92.8%and never fully recovered to the pre-recession level.
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This pattern repeated in many of the recessions that followed. During the Great Recession, the prime-age male employment rate fell from 88% to 80.6% — and has never since reached above 86.7%. The pandemic recession may prove to be an exception: After falling as low as 78% in 2020, the rate has nearly recovered to its pre-pandemic level.
"In recent decades, declines in labor-force participation have tended to accompany recessions," Abigail Wozniak, an economist at the Federal Reserve Bank of Minneapolis, told Business Insider. "Participation dips and then does not fully recover."
Why have recessions appeared to have such a lasting impact on working men? Even when the economy recovers, some occupations don't reach prior employment levels — or pay as well as they used to. Given that men have historically dominated the workforce, they've borne the brunt of these impacts.
"If the opportunities available after a downturn pay less than the old opportunities, workers may decide not to work as much despite their lower income," Wozniak said.
And the longer one is out of the workforce, the more disconnected they can become, research has found.
The strong recovery of men working after the pandemic recession could be due to the unique nature of this downturn — which tanked an otherwise healthy economy. Some experts have argued that the strong level of federal government spending — relative to past recessions — is what enabled the economy to bounce back better this go-round.
To be sure, the male unemployment rate is low relative to historical levels. But this measure doesn't account for men who have stopped looking for work altogether.
Some of this rise can be attributed to a growing and aging population and the expansion of these benefits over time. However, some Americans have become more reliant on disability income, in part due to economic challenges.
"What drives people to apply for disability is, in many cases, the repeated loss of work and inability to find new employment," David Autor, an economist with the Massachusetts Institute of Technology, told The Washington Post in 2017. "Many people who are applying would say, 'Look, I would like to work, but no one would employ me.'"
In 2023, about 44% of total men and women between the ages of 25 and 54 had a job, compared to roughly 83% of those without a disability, per the Bureau of Labor Statistics.
In a 2022 analysis of Current Population Survey data by the San Francisco Fed, nearly 40% of prime-age men cited disability or illness as the reason they weren't working.
To be sure, in recent years, the rise of remote work and elevated job openings have helped more people with disabilities find employment. In 2023, nearly 23% of Americans with a disability were employed — the largest share on record since data collection began in 2008, according to the BLS.
Other theories: Education, incarceration, and stay-at-home dads
What's more, men now account for less than half of enrollees on college campuses, which could affect employment outcomes. Among Americans aged 25 and older, the unemployment rate of people with only a high school diploma is 3.9%, compared to 2.2% for those whose highest educational attainment is a bachelor's degree, per the Bureau of Labor Statistics.
To be sure, in recent years, some companies have become more open to hiring candidates who don't have a college degree. There's also been job growth in industries that historically haven't required degrees, like manufacturing and food services. But finding a job without a degree— and one that pays well — can still be a challenge for some men.
In 2016, Harvard economist Jason Furman, then-chair of President Barack Obama's Council of Economic Advisers, attributed the decline of prime-age working men largely to the "reduction in the demand for unskilled labor" driven by technological change, adding that prime-age men without jobs tended not to have a college education.
Additionally, he said most of these men weren't spending more time on childcare than the average man and weren't relying on working women to pay the bills — suggesting they weren't stay-at-home dads, for instance.
Some more under-the-radar factors could also be playing a role.
Elise Gould, an economist at the Economic Policy Institute, told Business Insider that a stagnant minimum wage and falling unionization rates have contributed to lower pay for some workers. The lower the pay, the less motivated some people might be to take a job.
Additionally, rising incarceration rates in recent decades could be making it difficult for some men to find work once they return to society, Gould said. Incarcerated men aren't counted in government labor force statistics, but when they are released, their struggles to find work would weigh on the male employment rate.
Additionally, in the past, many men opted for careers in the military, but there are fewer of these jobs than there used to be. In 1970, there were over three million full-time federal government military employees — there were less than 1.5 million as of 2022.
"Post-World War II, we've seen pretty big declines since the late 60s and throughout the 1990s in terms of federal employment in the military," Gould said.
While the military is actively seeking recruits, it appears to be a less attractive path nowadays for many men — the three branches have struggled to meet recruitment goals.
Research by Federal Reserve economist John M. Coglianese published in 2018 found that a rise in "in-and-outs" — men who temporarily leave the labor force but ultimately return, was responsible for a large chunk of men's declining working rates.
And of course, some lucky prime-age men aren't working because they've had a lot of financial success — and already retired.
Deciphering how much these explanations have fueled the decline of working men could be worthy of further explanation, the economists said. Without a better understanding, it's difficult to develop policies to combat the problem, to the extent there is one.
"I think that ideally, we would have jobs for everybody who wants one," Gould said.
Are you a man between the ages of 25 and 54 who's not in the workforce? Are you willing to share your story? If so, reach out to this reporter at jzinkula@businessinsider.com.
He's the founder and CEO of Kognitos, a company that uses generative artificial intelligence to automate business processes. As the company's original idea man, Gill expects to work weekends.
He also expects more go-getters will feel pressed to do the same as AI bores deeper into the workplace.
Much of the chatter about how AI might rewrite our job descriptions revolves around the idea that tireless bots will take over much of the drudgery. The theory is that this would free us up for so-called deep work or more creative stuff — and maybe make it easier to move to a four-day workweek.
Steve Cohen, the hedge fund titan and majority owner of the New York Mets, appears to back this theory. In early April, he said that leisure businesses could see stepped-up demand because of it — meaning people will have time for more time rounds of golf.
Yet Gill sees another possibility beyond extra time on the fairway: AI could supercharge an "always-on" culture and pressure at least some of us to work more, not less.
"Regular companies will use AI just to stay in the race — have AI make decisions that humans are needed for — and the companies will turn into 24/7 machines," he told Business Insider.
He expects that if his customers become used to getting service on the weekend from AI, they might expect that level of response all the time.
"Humans will do less manual work, but they'll be on call all the time because the companies are not going to sleep because it's all about competing with your competition, which is not going to sleep," he said.
Of course, if people need to oversee AI bots at all hours, workers could take on babysitting duty at different times of the day. And that might still add up to fewer than 40 hours a week for some employees. But maybe not for others, Gill argues.
"My customers take a day off on Saturday and Sunday," so Gill can tell his engineers to rest on the weekend. But as he sees how AI will change how humans work, "people are going to get more and more tired — and busier," Gill said. "Not across the board, but in the majority case."
Looking for a payoff
Not everyone thinks AI will quash dreams of a four-day workweek. Emily Rose McRae, senior director analyst at the research firm Gartner, expects the idea to go from "radical to routine." She told BI that when it comes to AI being our taskmaster, it might be hard for companies to justify the extra expense of cranking up operations to run all day and night.
"There needs to be some sort of payoff for those costs. And, 'Our competitors are doing it' is only going to work if there's demand for that kind of coverage," McRae said. She added that many companies have, in recent years, cut the level of service they once offered because employees who feel overworked are pushing back.
McRae thinks competitive pressure might even drive more companies to experiment with a four-day workweek — before leadership might feel ready — so bosses can hang onto their people. Also, going 24/7 would be difficult because it could require too many workers, she said.
"We fundamentally do not have enough people in the workforce," McRae said. "AI makes you able to do things faster, not go 24 hours."
Simon Johnson, a professor of global economics and management at the Massachusetts Institute of Technology and former chief economist at the International Monetary Fund, told BI many white-collar employees already feel pressure to work extra hours. "I don't see how AI is going to help with that," he said.
Yet Johnson said he expects the four-day workweek will materialize. But when it comes to AI, he said, one big question is what new tasks the technology might create in the next five to 10 years that we can't envision. The answer could help shape our weeks.
"It could be more pressure to work," he said, adding that it could also free people up to focus on more creative pursuits at work or on their own time.
For now, though, the productivity gains for existing tasks that AI can take on aren't very big, Johnson said.
Everyday workers could gain if the technology generates many more things for us to do. But if it doesn't, and it starts putting people out of work, that would create more competition for the remaining jobs.
"You don't pay the workers more money or let them work shorter hours in that situation," he said.
Alexey Korotich, VP of product at Wrike, a work-management platform, told BI that because AI will give workers real-time access to information whenever they want, it could be harder for some employees to step away and add to the pressure to be "always on."
He pointed to the gains brought by email over snail mail. Rather than taking days or weeks, a message could be delivered in seconds, making companies more efficient.
"Email solved their problem. But it then created another problem, which is it is so cheap to send emails that humanity now struggles to respond to those emails," Korotich said.
It's management's choice.
Even if AI allows many of us to work less, it will be important that bosses do so as well, Dale Whelehan, CEO of 4 Day Week Global, a nonprofit that advocates for a shorter workweek, told BI. Otherwise, workers who hope to climb into management will feel pressure to mirror that behavior and work more.
Whelehan said that, ultimately, management will decide whether AI will lead to job losses or enable a four-day workweek.
"Technology was the great hope in the early 2000s. It was going to lead to huge job losses, and instead, it didn't. It created loads of new jobs. It created huge amounts of innovation, but what it didn't do was actually make our lives easier when it comes to having greater work-life balance," he said.
For his part, Kognitos' Gill thinks many people's desire to accumulate more and stay ahead means their workweeks might not top out at four days, even with the help of AI.
In his view, the number of hours someone works in a week isn't necessarily directly tied to technology. "It's just related to 'Is there an urge to be better than your neighbor?'"
Amid pickleball's popularity, stay-at-home dad Antoine Echavidre started teaching lessons in late 2023.
He made around $1,600 last year from this side hustle and several thousand so far this year.
Bankrate's Ted Rossman said part-time or gig work can help build both skills and relationships.
Stay-at-home parent Antoine Echavidre's day can include waking up his two children, preparing breakfast and dinner, doing school drop-off and pickup, and ending the day with bedtime stories.
Echavidre said he quickly learned the sport and found a passion for it after he started playing during the pandemic.
"People were so happy to teach me the basics," he told Business Insider.
That community feeling inspired Echavidre also to teach people this increasingly popular sport.
In late 2023, Echavidre started teaching pickleball through TeachMe.To, a platform for finding someone who teaches or for people to sign up to give lessons for pickleball and other activities. Echavidre said he usually teaches one or two lessons on the days he does this side hustle; he said lessons are usually an hour but could be an hour and a half.
"It's a good balance now for me," Echavidre said, as he has a little more time for other things now that his children are getting older.
Other stay-at-home parents could find it helpful to pick up work on the side. Ted Rossman, a senior industry analyst for Bankrate, said part-time or gig work can help with building relationships and skills, which can also be helpful if stay-at-home parents want to latertransition to the paid workforce full-time.
"I think it can be a near-term income source, but can also broaden your skills and contacts for the longer term," Rossman said as well as helping to boost retirement savings or pay down credit card debt.
Echavidre made around $1,600 last year from his work through TeachMe.To and several thousand dollars so far this year.
"It's a game changer," Echavidre said, adding he doesn't have to ask his wife for money and can be "completely independent." One way the earnings have helped was with a trip to Japan he took with his son.
Making some money while taking on school pickups and other stay-at-home parent responsibilities
Stay-at-home parents may seek out flexible work that's compatible with the hard job of raising kids.
"Maybe you can do it before your kids get up or after they're asleep or during naptime or sometimes even with the kids in the background," Rossman said.
But it can be tough to determine what to try.
"You may not find the perfect thing right off the bat, but it's a process," Rossman said. "The more people you can meet or projects you can do or lines you can add to your résumé, I think that's all additive."
Echavidre recommends other stay-at-home parents try to earn money through something they are passionate about if they have time. He said, "it's not a huge investment" in terms of time.
From dancing to cooking, Echavidre sees any activity you're passionate about could be good to try as a side gig.
"You don't really feel like you are working," he said.
Social media could be one way to find a side gig. Echavidre said he filled out an online form after seeing an ad on social media. In addition to reaching out to friends or friends of friends, Rossman said you can turn to previous work contacts.
"Even if you kind of get your foot in the door with more of a short-term project or something like that, more on a freelance or consulting basis, that can bring in some income but also freshen up your résumé and contacts," Rossman said.
Rossman warns people to look out for potential scams, such as remote work opportunities. Rossman said while there are legit work-from-home jobs, "sometimes there are bad actors out there that prey on" people searching for this work. Rossman said to look out for work where you have to make a purchase, but also, outside of potential scams, look out for work that needs a lot of overhead.
"I think walking before you run on some of this is important because if you get in over your head — you don't want this to end up costing you money," Rossman said.
From the office to the pickleball court
Echavidre said he was a successful salesman for a vehicle company in France but moved to the US in 2016 for his wife's career. He said he did some work while trying to find his way of balancing work and family life, but he has primarily been a stay-at-home parent since a few years before the pandemic.
He doesn't plan to work a 9-to-5 or office job partly because he doesn't think he would be happy with this type of work and balance anymore. He said he's happier now offering pickleball lessons.
In addition to a few hours on Sundays, Echavidre offers pickleball lessons during the week. He said people can't book him once he's busy with his children. So far in 2024, he has done over 80 lessons.
If you are looking to pick up side work, Echavidre said to look out for what's in demand.
"I teach pickleball because there's a huge demand in where I live," he said. "A lot of people are playing, try to play, or need to get better."
The Sports & Fitness Industry Association's Topline Participation Report showed US participation in this sport climbed by 51.8% from 2022 to 2023. A lot of participation in this sport was considered casual, but overall there were around 13.6 million pickleball participants last year, according to the report's breakdown of participation in the US.
Echavidre said he's gotten a lot of clients who are new to pickleball. He said he especially finds older and retired people are playing pickleball.
Are you a stay-at-home parent who has made money with a side hustle? Reach out to this reporter to share at mhoff@businessinsider.com.
Canada's First Nations are constructing dense new housing in the country's most expensive city.
Canada faces a severe housing affordability crisis and the projects aim to help solve it.
Take a look at three of the ground-breaking developments.
Canada's First Nations are breaking new ground with several major housing developments in the city of Vancouver.
Like the US, Canada is facing a severe housing affordability crisis, in large part driven by a shortage of homes — and Vancouver has some of the highest housing costs in the country. These projects represent major strides in addressing disproportionate housing burdens on Canada's Indigenous communities, as Business Insider recently reported, as well as efforts to build generational wealth for tribe members.
One project minutes away from downtown Vancouver, being built by the Squamish Nation, will include 11 towers and 6,000 housing units. The Nation won back the 12 acres of land the project sits on about 20 years ago after their ancestors were forced off the land in the early 20th century.
In another set of projects, three First Nations – the Musqueam, Squamish, and Tsleil-Waututh peoples – have come together to develop six piecesof land in Vancouver and its surroundings. Acquired over the past decade, the value of the land sits at $4 billion, according to Brennan Cook, vice president of the MST Development Corporation, the real-estate company representing the three First Nations.
"What they're doing here is groundbreaking, it really hasn't been done elsewhere," Cook recently told Business Insider.
Take a look at these projects and the future of housing in Vancouver.
This rendering of the Sen̓áḵw development under construction in Vancouver shows what it'll look like when completed.
The Sen̓áḵw development in central Vancouver
Courtesy of the Squamish Nation
The first three towers in Sen̓áḵw are scheduled to be completed by November 2025.
The Sen̓áḵw development in Vancouver
Courtesy of the Squamish Nation
Altogether, the development will have 11 towers with 6,000 housing units.
The Sen̓áḵw development in Vancouver
Courtesy of the Squamish Nation
As the land belongs to the Squamish Nation, rather than the Canadian government, speedier permits were granted for construction.
The Sen̓áḵw development sitting across the city's False Creek
Courtesy of the Squamish Nation
The 12 acres the development sits on originally belonged to the Squamish Nation, before they were driven off the land in 1913.
View of the Sen̓áḵw development across the Burrad Street Bridge
The development will offer 99-year leases, instead of selling any property outright.
Heather Street Lands
Courtesy of MST Partnership and Canada Lands Company
With that strategy, the hope is for Heather Lands to be an "economic engine" for the tribes leading development, explained Brennan Cook, the vice president of the MST Development Corporation.
Heather Street Lands
Courtesy of MST Partnership and Canada Lands Company
A new social media app for Gen Z is reviving the format of early social media apps like MySpace.
The app's founder Tiffany Zhong, wants to bring back socializing to social media over curated feeds.
It's already amassed a waitlist of half a million people before its set to be released in June.
A new social media apptargeting Gen Z, Nospace, is set to be released in June, the company told BI. It calls itself "The most social network," — as it prioritizes users socializing with friends over posting viral hits.
Nospace was founded by Tiffany Zhong, a Gen Zer herself. Zhong is no stranger to the startup world; she founded Pineapple Capital, an early-stage consumer VC firm, and Zebra IQ, a Gen Z intelligence and research company.
Her new app jumps on Gen Z's love of Y2K and harkens back to a simpler age of social media. And it's already racked up a waitlist of 500,000 people, the company told BI.
Instead of stressing over carefully curated posts, the app encourages users to share their stream-of-consciousness thoughts on what they're eating, gaming, streaming, reading, and watching.
The app is primarily a text-based feed, with the option to switch to seeing posts just from friends.
Each profile is customizable: users can choose colorful backgrounds and text, and they can share their relationship status and interests. It's a less professional-looking version of social media than the big incumbents, like Instagram.
"They can be as weird and as authentic as they want" on the app, she previously told BI.
In recent years, social media users have become increasingly frustrated with the lack of fun online, as professionalposts have taken over socializing with friends.
"It's really bizarre to me that everyone's gone to this place in their mind that content has to be so curated," Tati Bruening, a Gen Z content creator, previously told BI. "So curated that you can't show what you're cooking for dinner, because that's not cool enough."
Nospace wants to recapture some of the magic of social media apps like MySpace and early Facebook, which centered on friendships and making new connections. The App Store preview shows that users can pin a list of their close friends to their profile, much like MySpace's "top 8" friends feature.
"Remember how fun the internet was before all the algos and ads? we do too… so we're bringing it back," the app's App Store description reads.
Zhong is a seasoned social media pro who knows how to appeal to Gen Z trends. Through her previous companies, she's advised companies like Snapchat, Levi Strauss, and Google on how to reach a younger Gen Z audience.
"People crave connection more than ever," said Zhong, previously told BI.
"All the social-media platforms are more so media than they are social. That's why people hang out in the comment sections of TikTok," she said.
Etihad and Emirates offer two of the most luxurious flying options between New York and the UAE.
Etihad, Stan Honda/AFP via Getty Images
Etihad Airways and Emirates both fly luxe Airbus A380 superjumbos between New York and the UAE.
Etihad's plane sports the world's only three-room suite, while Emirates offers premium economy.
Both of the UAE airlines offer unique luxuries like an onboard bar and lounge — and even a shower.
Etihad Airways' beloved Airbus A380 has returned to the US after four years. It landed at New York's John F. Kennedy International Airport just after 10 a.m. on Monday after a more than 14-hour trek from Abu Dhabi.
The UAE-based carrier previously flew two Boeing 787 Dreamliners on the route but replaced one with the superjumbo to boost capacity amid strong demand.
Emirates has similar high-dollar amenities to Etihad's, like a shower and bar, but its retrofitted planes offer more options to those sitting on the lower level.
Here's how the cabin products on Etihad's A380 compare to those on Emirates' refurbished superjumbos.
UAE carriers Etihad and Emirates are among the few operators still flying the mammoth A380 to New York-JFK post-pandemic.
An Etihad Airways A380 flying over New York City in a rendering.
Etihad, Emirates, Lufthansa, and Korean Air are the only A380 operators scheduled at the airport this year, according to data from Cirium.
The award-winning airlines are renowned for their luxe cabins that come with specific perks not seen on most Western competitors.
An Emirates A380 decked out in its livery.
Emirates
Emirates and Etihad regularly win awards for their customer service and onboard products from ranking companies like Skytrax and the Airline Passenger Experience Association, or APEX.
Notably, Emirates has invested more than $1 billion to keep its A380 fleet flying, including cabin upgrades that make will eventually see all 67 A380 jets be retrofit with four-class planes, compared to Etihad's three designated cabins.
The regular economy cabins that sit on the lower level of both A380s come with the typical seatback televisions, tray tables, and power ports.
Emirates economy cabin (top) vs. Etihad economy cabin (bottom).
While Etihad's economy cabin comprises a staggering 415 seats across the entire lower level, Emirates only has 338 coach seats in total.
Emirates' refurbished Airbus A380 boasts a unique ghaf tree design throughout the cabin.
Thomas Pallini/Insider
Some of Emirates' three-class A380s are still in need of refurbishment and have 427 economy seats spanning the entire lower level.
That's because, in 2021, Emirates announced a refurbishment project that would add a new cabin to its A380 fleet — premium economy.
The new premium economy cabin on Emirates debuted in 2021.
Thomas Pallini/Insider
While most of the world's airlines turned their backs on the A380 during the pandemic, Emirates solidified its loyalty to the superjumbo with investments that are expected to push its operation into at least the 2030s.
Premium economy is an option between coach and business and comes at a sometimes much higher airfare than regular coach.
Premium economy is configured in a 2×4×2 layout.
Thomas Pallini/Insider
According to Emirates' website, a late-July roundtrip flight between New York and Dubai in premium economy costs about $1,000 more than regular economy.
The hefty upgrade includes added perks like more space, better food, a bigger seat, a deeper recline, and a legrest.
Customers have access to more storage and table top space, as well as more legroom.
Thomas Pallini/Insider
Customers will find the 56 premium economy seats located at the front of the lower level, each offering 40 inches of pitch and 19.5 inches of width — eight more inches of legroom than in coach.
The 13.3-inch TV is the same size as the one in regular coach.
Etihad's A380 does not have a premium economy cabin. Its "Economy Space" seat that offers more legroom is as close as it gets.
The extra legroom bulkhead seats on Etihad's A380 can come with a baby bassinet (pictured in 2015 before Economy Space was designated in 2018).
M101Studio/Shutterstock
Etihad introduced the "Economy Space" seat on its A380s in 2018 to offer more legroom. It complements the other add-on coach options like "neighbor," where the adjacent seat is free, or the family-friendly bulkhead rows.
Former Etihad CEO Tony Douglas has said the airline has continued not to add premium economy to keep costs and choice simple.
Etihad, however, does have a designated prayer room on its A380s.
Emirates does not have designated spots for praying on its planes but said it can accommodate those onboard who want to pray during the flight, according to Simple Flying.
The second level of Etihad and Emirates' A380 superjumbos is the cash cow of the operation.
The staircase on Emirates' A380.
Pete Syme/Business Insider
Emirates and Etihad have fit the upper deck of their A380s with business and first-class cabins, accessible by stairs — similar to other carriers like Singapore Airlines.
These high-dollar seats keep the expensive quad-engine A380 profitable.
Both business class cabins are similar, with the usual plush, lie-flat seat.
Emirates business class (top) vs Etihad business class (bottom).
Thomas Pallini, David Slotnick/Business Insider
Emirates sports 76 lie-flat business class seats on its A380, while Etihad has 70 "Business Studios," per SeatGuru. Both are in a 1×2×1 layout, giving all passengers direct aisle access.
Storage, linens, lighting, power ports, tray tables, giant TVs, and multi-course meals are all perks for the two UAE carriers' business-class cabins.
The center seats are separated by a privacy divider.
Thomas Pallini/Insider
Emirates and Etihad are considered two of the world's best airlines for premium cabins, according to aviation-ranking website Skytrax.
Neither product has a sliding door, though.
The business class seat on Etihad's A380.
David Slotnick/Business Insider
Despite their high-class status, neither jet's products have a sliding door, a common addition as airlines upgrade their business cabins.
Competitors like Air India, Qatar Airways, British Airways, and Japan's All Nippon Airways fly business-class products on twin-engine widebodies with full doors installed.
A wing or partition has been installed on the seats to enhance privacy instead of a door.
The middle divider is available on Etihad's center section seats.
David Slotnick/Business Insider
The middle section seats have a privacy divider to separate the two center passengers.
Customers will notice Etihad's A380 has some backward-facing business-class seats.
The forward and backward-facing business-class seats in Etihad's A380.
Hollis Johnson
Backward-facing seats aren't uncommon and are also seen on carriers like ANA and Qatar.
Meanwhile, Emirates' business class gains an edge over Etihad thanks to its included personal mini-bar.
The mini-bar on Emirates' business class seat.
Thomas Pallini/Insider
Emirates' business class also has a large tablet to control the seat. Etihad's, by comparison, has just the smaller but still nice handheld touchscreen remote.
Still, both UAE carriers offer a proper onboard bar and lounge to socialize or work at cruising altitude.
Emirates bar and lounge (top) vs Etihad bar and lounge (bottom).
Thomas Pallini, Hollis Johnson/Business Insider
The bar on Emirates is behind business class and can be visited by passengers on the upper deck. The same goes for Etihad, but its bar is between the business and first-class cabins.
The UAE airlines' most expensive A380 cabins are first class, mostly flown by ultrawealthy travelers and those savvy enough with points.
The "do not disturb" sign on Emirates' first class.
Thomas Pallini/Insider
Etihad's A380 has nine first-class apartments, while Emirates' has 14 first-class suites — and both cost thousands of dollars roundtrip.
A mid-June roundtrip A380 flight between New York-JFK and each airline's respective hub in the UAE costs about $22,000 on Emirates and about $11,000 on Etihad. A mid-October flight cost the same.
Emirates' first class builds onto its business class with a more plush seat and more exclusivity in the front of the plane.
Emirates' refurbished Airbus A380 at Dubai Airshow 2021.
Thomas Pallini/Insider
First class on both planes is in the front of the top deck, while business sits behind.
However, Emirates' most elite travelers get added perks like a privacy door, a vanity, and a bigger mini bar that stores into the side table.
Emirates' first class seat.
Thomas Pallini/Business Insider
The mini bar pops out at the touch of a button while the vanity sits below the television.
The suite also has a tablet and buttons to control things like the television, seat, and lighting, and has a "do not disturb" sign.
Plus, first-class travelers get access to Emirates' luxe "shower spa" — a rarity on commercial airliners.
The shower in Emirates' A380 first class cabin.
Thomas Pallini/Insider
The large lavatories have a vanity, toiletries, a walk-in shower, wood laminate toilets, and decorative walls to make you feel like you're flying on a private jet.
And Etihad's first-class cabin offers one, too.
The shower for travelers in Etihad's first class apartments.
Hollis Johnson/Business Insider
Airline showers are rare because the extra water carried adds costly weight, and carriers don't want to pay for it.
But Etihad offers something that Emirates' first-class doesn't — a separate bed and chair.
Apartment 5C on Etihad's A380.
M101Studio/Shutterstock
The staggered layout of Etihad's apartments allows an armchair and a twin bed to be installed in the cabin.
Moreover, some apartments can be combined for two people to share.
Two of Etihad's A380 apartments combined.
M101Studio/Shutterstock
The partition drops down, connecting the heads of the beds and making one giant room for people traveling together.
The television can swivel to be viewed from either the seat or the bed.
Emirates' cabins stop at first class, but Etihad offers something beyond that in the form of a three-room suite called "The Residence."
The Residence is Etihad's crown jewel.
Etihad
The one-of-a-kind aircraft cabin is exclusive to Etihad's fleet of A380s and is only available via an add-on upgrade from first class.
A one-way ticket in The Residence was more than $20,000 pre-pandemic.
The flying penthouse includes a separate living room, bedroom, and ensuite bathroom, complete with a shower.
The Residence bathroom with a shower.
Etihad Airways via Getty Images
A butler who used to serve the suite is no longer part of the offering post-pandemic, Etihad confirmed to Business Insider in December when the A380's return to NYC was first announced.
One or two people traveling together can enjoy The Residence thanks to the double bed.
The Residence bedroom has a double bed.
Hollis Johnson/Business Insider
The wide living room couch is also designed for two people. Having two rooms means one person can sleep while the other watches television or eats, for example.
Overall, Emirates and Etihad offer luxe long-haul products as each tries to one-up the competition.
An Emirates Airbus A380 sits at a gate.
ZGPhotography/Shutterstock
For example, Etihad offers the cream-of-the-crop of long-haul flying in its luxe The Residence, while Emirates' premium economy offers more choices to passengers.
With good fortune, both will continue flying the fan-favorite A380 to NYC for years to come.
Etihad A380 pilots after landing in New York on Monday.
Etihad Airways
Although Etihad was back and forth on its A380 fate, the double-decker is safe in the fleet for now. And it's unlikely Emirates' loyalty to the superjumbo will waver anytime soon.