Agnostic.com

12 9

LINK The Way We Spend Money Will Change Post-COVID — 5 Industries That Will Not Be the Same | Fairygodboss

I thought this was interesting, especially if you might be needing to make a career change due to COVID.

As the world is adapting to what is now the “new normal,” Fairygodboss wants to be there for you every step of the way. Keep reading for timely advice and join our Navigating the New Normal group for continued support.

There are lots of questions out there about what our economy is going to look like once businesses have the chance reopen. While the only right answer is that we have to wait and see, economists and other commentators are already making guesses about how Americans consumption patterns will change as the result of COVID-19.

With millions of Americans out of work, cultural change as the result of social distancing and the looming threat of catching COVID-19, there's no question that we won't be going out and spending our money in the same way we were when the year began. While shut downs have already irreparably damaged many businesses, changes in consumption over the course of the next months and maybe even years will leave their mark on industries, too. Here are the industries experts believe will be forever changed by COVID-19 and some of the changes you can expect.

  1. Wellness
    People have already switched to online fitness solutions, as Forbes contributor Serenity Gibbons noted in her article "3 Industries That Should Prepare Now For Post-COVID Life." While companies that offer at-home solutions like Peloton may see a bump in their sales over the next year, wellness brands that depend on fitness studios and spas for their business may face a steep climb to normalcy. Spending on fitness will likely decline as customers lose their jobs and adjust to their cheaper, individual practices — especially when these practices feel "safer" when compared to sweating and breathing with strangers.

  2. Hospitality and travel
    The hospitality and travel industries were hit hard by shut downs, with reservations shriveling up and cancellations coming in like crazy. But even with temporary lifts on travel restrictions, the industry will be hard pressed to return to normal this year. Avi Meir, CEO of TravelPerk, wrote that the travel industry may see more periods of dead time as governments re-close countries on and off, making the climb to normal operating conditions incredibly difficult for companies who operate on small margins. Plus, with consumers losing their jobs or feeling increasingly unstable in their employment, dropping hundreds or thousands of dollars on a vacation won't be as common as it is now. The travel influencer industry has already seen their income and, well, influence, shrinking, an indicator that the glamorization of travel might be on hold.

Additionally, the industry is poised to lose a large chunk of its business: corporate travel. Anders Johansson, CEO of Demand Calendar, says business travel was changing before the pandemic. But now, it will never be the same again. Thanks to forced training on telecommunication, businesses will be hard pressed to justify travel expenses when a Zoom meeting can work just as well in many cases, as it did during our shut downs. He expects there will be a decline in corporate travel, hotel bookings and flights.

  1. Food
    Many restaurants will permanently close, even once the economy reopens, due to debt, reduced capacities and changes in consumer patterns. Paul Freedman, a history professor at Yale, told Politico he expects "we will be less communal at least for a while" as people have adjusted to cooking or ordering delivery.

  2. Healthcare
    Telemedicine is on the rise and likely to stay that way, meaning less business for offices who haven't made the switch. And as consumers continue to be fearful of COVID-19 over the coming months, elective visits and operations are also likely to be shirked, meaning less cash flow for segments of the industry not dealing with life-or-death situations.

  3. Events
    Large events will likely be some of the last cleared by government bodies — and the last attended by wary consumers — meaning months or years of limited cash flow for the events industry, as noted by Gibbons.

HippieChick58 9 May 2
Share

Enjoy being online again!

Welcome to the community of good people who base their values on evidence and appreciate civil discourse - the social network you will enjoy.

Create your free account

12 comments

Feel free to reply to any comment by clicking the "Reply" button.

2

Thanks for posting:

They opened my gym today. They also opened eat-in restaurants and stores. Lowels parking lot was packed today (face-palm).
I won't be returning to my gym or eat in places for (assuming I am still around) (unless they come up and distribute an effective immunization (unlikely)) significantly more then a year from now. This is a red (Christian/Republican) state so rather sure there will be a lot of customers in those establishments. I expect a huge spike in c-19 cases in 11-14 days. We'll see what happens.

2

Thanks for posting the text.

When I clicked on the link, it was overtaken by pop-ups and "FairyGodBoss." The name triggered skepticism.

FairyGodBoss is an employment/management blog that I read regularly. AskAManager.com is better, but FGB does have some interesting stuff from time to time, hence my posting.

@HippieChick58

Thank you.

2

Human history shows how society continues to adapt to new threats and new opportunities, it is really helpful for individuals to pay attention to the shifts to try and prepare for potential impacts.
Personally I’ve always known how to be prepared for an emergency but haven’t really ever taken it seriously, I’ve been fairly fortunate during this pandemic but am now taking concerted efforts to be prepared.
For example when I got sick my dr told me to head to an ER, I didn’t know which ER was in network, she later ordered some imaging to be done and again I had no idea where to go. Trying to find out this information while sick was very challenging.
Thanks for sharing this.

1

Life will not change much for me! Agraphobia is the reason..LOL Social distancing has been practiced nine years! Avoiding crowds as much as possible since I was eighteen! WILL MISS RESTAURANTS. But don't go often anyway. When I was eighteen years old sixteen men premeditated my murder by cremation.

Atlas Level 3 May 3, 2020
1

Well, I am already looking forward to my next trip.

0

So much has been affected with no time frame of possible vaccine in place to end this proclaimed virus

1

Sounds like the FFRF convention in San Antonio next November will be a no go. Too bad for our side.

1

I think many small businesses will not reopen after the quarantine. The small business owners I knew in my lifetime always had the "wolf near the door"...they were not all that profitable and the additional financial burden of having to pay back a government loan (instead of a free bailout), will push many over the edge of profitability. However, I could be wrong.

1

Hard to say about some of this . As mini-observation, here in Florida. This morning I bicycled into town to the Farmer's Market. There was a generous showing of both vendors and customers. However, I noticed that the majority of people were neither wearing masks, or distancing appropriately. It seems that just because some things are "opening" offically, that in many minds the threat is over. Duh.

It was as if a hurricane had blown through - and was now gone. I will feel more uncomfortable than ever out in public now - even with a mask. The next couple of weeks could prove interesting !

9

The zombie movie industry will have to change too. No future zombie movie will be complete without a toilet paper riot and protesters demanding the right of freedom of movement through zombie infested areas.

JoeB Level 6 May 2, 2020

The oldie TV station in the UK Talking Pictures is gonna show "Mask of the red death" on the 15th

2

Interesting but no real big surprises. Could have guessed the list really, what about the high street, clothing, and the garden centre trade.

1

Paywalled.

I copy/pasted. Thanks for letting me know.

@HippieChick58 thanks.

Write Comment
You can include a link to this post in your posts and comments by including the text q:491634
Agnostic does not evaluate or guarantee the accuracy of any content. Read full disclaimer.