To say that Covid-19 shook the financial world to its core is an understatement. And although the economy has been in tatters since March, governments had no choice but to put their states in total lockdown to stifle the spread. But at the end of the day, people still need to eat, shop, and work to survive.
Since publishing stay-home orders in early 2020, businesses and analysts discovered some pretty significant changes in consumer trends. Here’s a quick rundown of what experts claim will be the latest trends in a post-Covid-19 world.
Spikes in e-commerce and online shopping
The crisis has accelerated the expansion of e-commerce for new companies, markets, and product types. This will probably last for several years post-Covid, according to some experts. Policymakers have leveraged the potential of digitized transactions in retail and other sectors. This encourages business to adapt and enhance social distancing. In the end, consumers and businesses can continue doing what they do.
Increasing popularity of videoconferencing
The video conferencing industry has exploded during the outbreak. Enterprises, governments, and private citizens rely on videoconferencing to communicate. Even though video conferencing existed before the outbreak, it became the only safe means of keeping in contact without meeting others in person.
Travelling no longer important for the foreseeable future
The outbreak affected every country on the planet, and tourism sectors worldwide are at critically low levels. Even as governments lifted travel restrictions, experts estimate it’ll be another four to five years before it returns to pre-Covid-19 levels. A minority of those surveyed wish to get out, while most are happy at home. Even with the discovery of a vaccine, most are less than willing to venture out into the wild.
Growing support for WFH orders
Countless businesses are seriously considering enacting permanent WFH orders. It originated as a way to let employees continue doing their business without risking the spreading of infection through direct contact with coworkers. Over the last few months, large tech companies have implemented permanent WFH policies after seeing how smoothly their businesses can run without their staff being in the office.
Greater focus on innovation
The outbreak has affected the most basic parts of life—e.g., transportation, leisure, and travel. An increasing number of investors have poured their money into tech innovation. Consumers hope that governments will prioritize innovation in self-driving cars, better infrastructure, and green solutions after lockdown.