Gen Z snubs accounting

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Hello and happy Sunday! Today we’re taking a look at shifting trends across industries, from accounting’s decline to luxury brands losing their shine. Here’s what’s in store:

• Accounting shortage: Fewer Gen Z students are choosing the field as the CPA workforce ages.

• Reading habits: Nearly half of U.S. adults didn’t read a single book in 2023.

• Food prices normalize: Global food costs return to pre-crisis levels.

• Trump Media struggles: The company’s stock hits its lowest since going public.

• Luxury brands hit hard: Europe’s high-end sector feels the pinch from China’s slowdown.

Accounting Ain’t Cool Anymore

America’s accountant shortage is getting real, and it’s starting in colleges. Turns out, the promise of stability isn’t enough to win over Gen Z. Fewer students are choosing accounting as a major, with only 47,067 earning bachelor’s degrees in 2021-22, down 8% from the year before. 📉 Even worse, master’s degree numbers have dropped 21% since their peak just a few years ago.

And it's not just that fewer people are studying accounting—actually becoming a CPA is no joke. You’ve got to pass four exams and spend a year working with a licensed CPA, which isn’t exactly enticing for many. This comes at a time when 75% of the current CPA workforce is hitting retirement age. To fix things, the AICPA is easing up on the education requirements, and big firms are rolling out programs to encourage new talent. But let’s be honest: one surefire way to make accounting more appealing? Higher pay. 💵 Right now, accountants average around $80K, which is lower than what financial analysts and managers pull in.

How Many Books Did You Read Last Year?

According to a YouGov survey, almost half of U.S. adults didn’t pick up a book in 2023. Of the 1,500 adults polled, 46% admitted they hadn’t read or listened to a book all year, 🙈 while 27% managed to read between 1-5 books, and just 9% read 6-10. On the flip side, 11% of people were bookworms, knocking out 20 or more books.

Mystery, crime, and history books were the top genres of the year, with around 37% and 36% of readers choosing those categories. Meanwhile, poetry was the least popular, with only 8% of readers diving into it, though it had a slightly higher following among men and younger folks. Fun fact: September 6 is National Read a Book Day in the U.S., so it might be time to dust off that book you’ve been meaning to read!

At Least Some Normalization

After food prices skyrocketed in 2022 due to the lingering effects of the pandemic and Russia's invasion of Ukraine, things have finally cooled down. 😮‍💨 By 2023, global food commodity prices returned to 2021 levels. According to the UN’s Food and Agriculture Organization (FAO), the FAO Food Price Index hit 120.8 points in July 2024, still up 21% from the 2014-2016 base period but way down from its peak of 160 in March 2022, right after the Ukraine invasion.

The war in Ukraine particularly affected prices for cereal and oil, two of Ukraine’s major exports. Both shot up after the invasion but have since dropped back to late 2020 levels. Despite initial disruptions, initiatives like the Black Sea Grain Initiative and alternative shipping routes have allowed Ukraine to resume vital exports, helping stabilize prices and boost global food security.

Trump Returns To X And $DJT Wipes Out 2024 Gains

Shares of Donald Trump’s media company, Trump Media, dropped to $16.98 on Wednesday, hitting their lowest point since going public and wiping out all gains from earlier this year. 😥 After going public in March 2022 through a blank-check merger, the stock initially soared to a high of $79.38 but has since plunged more than 70%, cutting over $4 billion from its market value. It's now worth about $3.4 billion.

The looming expiration of the lockup period on Sept. 19, which could allow Trump to sell his 58% stake, may be adding to the stock’s decline. If the price drops below $12, the lockup period will be extended to Sept. 25. Retail traders have also been selling off shares, especially after Trump’s return to X (formerly Twitter) in August, which may have added more pressure, considering Trump Media owns Truth Social, a rival to X.

Luxury Brands Losing Luster

Europe’s luxury brands have been hit hard, losing almost a quarter-trillion dollars in market value recently, and things could get worse as China’s economy slows down. These high-end companies, once compared to the U.S. tech giants, are feeling the pinch as shoppers cut back on spending, especially in China, where the wealthy aren’t splurging like they used to. 👜 🙅‍♀️

Burberry, the iconic British brand, has dropped so much it’s being booted from London’s FTSE 100 index. Kering, Hugo Boss, and even LVMH, which used to be Europe’s biggest company, are also seeing big losses. While ultra-luxury brands like Hermes are holding up better, many analysts think the luxury sector is in for a slower recovery with tighter profit margins becoming the norm. Some see this as a good time to invest, but others are wary, especially with brands that depend heavily on China’s luxury shoppers.