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Youth Unemployment Hurting British Nightclub Industry
British nightclub juggernaut Luminar issued a stern profit warning today, specifically blaming unemployment among young people for a sharp 5.9 percent drop in sales. The plunge in sales is measured from the 26 weeks prior to August as compared with the same period last year.
Oddly, the company reports a "higher spend per customer," with fewer customers accounting for the drop in sales, symptomatic of the greater social trend toward wealth flowing upward. People with money are still spending. In fact, they are spending more.
Wouldn't it be fun to go to a half-empty nightclub where rich people spend lots of money getting drunk! It beats a lively dance floor packed with ordinary working stiffs blowing off steam, that's for sure.
(There went any chance of getting this item listed in Google News.)
Maybe the corporations of the world will one day wake up and realize that if they want to operate profitably, a somewhat equitable distribution of wealth is in their best interests. This editor is not holding his breath.