The Coronavirus will be remembered as the world re-ordering event. The scale of this pandemic calls to mind 9/11 and Great depression 2008 events that reshaped society in a lasting way.
Despite all the challenges faced in the COVID19 era- a health crisis, a depressing news report of loss and despair, lockdown for months, pause in the economy, there’s a copper lining to this pandemic. We all see ourselves getting closer with our colleagues, friends and relatives, learning new things while contained at home.
However long it will take, we will definitely beat back the virus. But when the dust settles and the masks come off, this event will have permanently reshaped our social and economic behaviour. Following are some predictions that seem increasingly likely:-
1. WFH for a long period causing a downturn for commercial real estate.
Remote work technology will improve as people will move less freely and will prefer this work style that spares them the suit and commute and flexibility with their schedules.
As many companies have started laying off and cutting the size of the workspace leading to the evidence of the downturn in the commercial real estate market.
2. E-commerce and digital services companies will make lasting gains.
People will tend to make less physical contact leading to a shift in consumer’s buying habit. Winners in this category will be cloud computing providers eg- Amazon, streaming services like Netflix, Amazon prime, remote work services like – Zoom, slack.
3. Restaurant Industry will move forward in the “new normal”.
In the wake of the pandemic, restaurant industry that was hit as never before will add a new dimension going forward. That dimension will be focused on one word: Hygiene.
Cleanliness will be next to godliness– in the post-pandemic world of commerce. Following are some key trends that have been seen in many countries like Europe and China after the reopening of the Restaurants.
- Delivery and takeaway services will comprise a significant share for the future growth of restaurants.
- Hygiene will be a key differentiating factor in the mind of consumers.
- Seating arrangements and physical spaces will be rethought.
- Social distancing may not ever go away.
4. Student Education debt crisis will die down as higher education begins to move online.
Many universities were forced to move classes online which prompted students to ask for reimbursements of tuition and expenses. If the classes still continue online there are chances that many students will not re-enrol at pre-crisis tuition level.
The worldwide online classes may conclude that higher education can function effectively well with less cost involvement. If it does, it may lead to a big transformation in the education sector.
5. Telemedicine services will increase
As COVID19 ripples across the globe, many countries suffer due to shortage of doctors and in-person healthcare services which led to an increase in Telemedicine.
Telemedicine services are widely being used in India considering large geographical distances and limited resources.
6. Travel will be restricted leading to a permanent transformation in the Travel and Hotel industry.
The collapse in the Travel world will bring long term changes to patterns of International movement for both business and pleasure due to mass unemployment and low business which crippled the economy.
Around 10 million tourists visit India every year spending around $1,800 billion in 12 months, post-pandemic, as the people travel less and so, does the money. Though we might see a boom in domestic travel.
Until then, we must act together to slow down the spread of this virus and look after each other. We are in this together and we will come through this together.
Stay safe and stay well.