The Coronavirus pandemic is at its peak and has affected so many businesses and lives around the world. USA is one of the top hit countries by the COVID19. Stay-at-home advisories have been in effect for weeks and instead of coming to an end, they are being extended.
In an attempt to fight the spread of the Coronavirus, US Government imposed tough measures- travel is 90% down, many businesses are shut down, unemployment is up to the roof. Economy went downhill big time. We do not know when things will start getting better. A war, a crisis, a pandemic- such events always leave a wound to heal. And when that wound heal , there might be a scar left forever. Experts believe that the current situation might the biggest challenge for us, bigger that 9/11 and the 2008 crisis.
We, at Chief Chicago Limo, think that even when things start getting better, they will never be the same. Consumer behavior and people’s lifestyle and thinking is very likely to change after going through such a stressful period as the Coronavirus pandemic.
What might change after the COVID19?:
1. We will not spend as much as before for years ahead. People will be more frugal. They will save more. Society will learn how to handle better similar stagnation periods in the future. People will choose necessities over luxuries.
2. Many Americans might loose their homes after the pandemic because the recovery of jobs will be at a very slow pace.
3. Many small businesses will vanish going bankrupt as not being able to generate revenue.
“ A whopping 99.9% of businesses in the United States are small businesses, and Nearly half of the nation’s workforce (49.2%) are employed by small businesses. This amounts to 120 million people. (Source: https://www.chamberofcommerce.
org/small-business-statistics/ ). “
These are significant numbers shaping the landscape of the US economy and the entrepreneur spirit of our nation. It looks like the stimulus package will not do a big favor to the small business owners. The government will bail the big players again and the small business will suffer.
4. Point 3 might lead to serious distrust of the government, with people in need of something more than emotional support. Having in mind that Americans pay for healthcare and education anyway, if the government cannot financially help us now- what’s the use of it?
5. Banks will make lots of money from interest.
6. Inequality gap is likely to increase. Middle class might exhaust its savings while the richer might become richer by playing on the stock market.
7. The world will adopt technology for meetings and working from home, studying and shopping online, voting and political agendas, doctor’s consultations, entertainment, etc.
8. We may start appreciating the simple things again- love for outdoors, a walk around the neighborhood, jog in the park, having bread on the table, more family time, etc
9. Politicians may realize the importance to invest more in healthcare and science than in military and foreign engagement.
10. With the restaurants closed, Americans may learn or remember how to cook and visit less and less dine in places after the pandemic.
11. Polarization and individualism might die. Countries may start working together instead of competing with each other. Political parties could unite for the better of the nation instead of chasing egocentric interests and gains.
For good or bad, the CORONAVIRUS will make us face a change. Only if we adapt to that change, we will be able to move on and try to rebuild our lives and society.