Tuesday, June 22, 2021

Post-pandemic, people will go back to the way they were before.

 

Many of us have been wondering how many of the new habits that people developed during the pandemic will continue once it ends.

 

Research tells us that the answer is very few.

 

People don't like change.  When things change, people tend focus on what they will lose.  And because we hate to lose - we hate change.

 

If we do want to make changes then we need to do it in small sustainable steps.  Otherwise we will go right back to where we started once the pressure to change is off.

 

That's what's happening now.

 

The pandemic forced dramatic unwanted change on all of us.  Now that restrictions are being lifted we see evidence of people reverting "back to normal."

 

Specifically retail sales dropped 1.3% in May, as consumers shifted spending from big-ticket household items to goods and services related to going out.  Spending on autos, electronics and building materials have all declined.  And there's a surplus of toilet paper available now. :-)

 

On the winning side - movie theaters, restaurants, casinos, gyms and fast fashion have all seen sales increases.  (Cambon, 2021)

 

Expect to see more of the same.  Old habits are hard to break.

 

 

Cambon, S. (2021, June 15) Retail Sales Dropped 1.3% in May as Pandemic Shopping Habits Shifted. wsj.com.  Retrieved June 22, 2021, from  https://www.wsj.com/articles/us-economy-may-2021-retail-sales-11623701250

1 comment:

S. McGlynn said...

Spending habits might be similar but I believe there has been bigger cultural changes that will have a long-term impact. People made serious life changes in the last year. Whether that be moving to another city, having more children, working remotely, or changing career fields, these are big changes that aren’t as easy to reverse. My industry in particular got devastated and many people have left it altogether. Almost every single person I know said their priorities changed which is another indicator of long-term change. We shall see.