How spending avenues and methods has been changed after the pandemic ends?
The future of work may become a mix of in-person, remote, and hybrid work, which will likely push consumers towards single-family homes in the suburbs rather than multi-family apartments in the city. The move to larger homes with enough space for a home office will lead to higher spending on home office furniture and home utility services compared to pre-pandemic levels.
Living in the suburbs can also lead to an increase in car ownership due to the need to move. People living in cities may prefer to have their own set of wheels as they may feel safer traveling alone. Most consumers are not likely to participate as much in car-sharing and public transit services as they did in 2019.
Consumers are more likely to engage in remote work in the future intending to cook from home, engage in online shopping, and enjoy streaming services. It is also shown that people want to travel more and eat out when their health situation improves further.
If financial inequality does not decrease over the next few years, the divergence in the spending basket between those at the top of the income ladder, and those at the bottom, will only increasing. Those at the bottom may find it harder to spend on health care, insurance, retirement, and transportation.
How business can grow with economy recovery?
To plan the growth: Know how the demand of customers increase
To attract leads: Approach customers on their social media hubs
To gain sales: Use digital ads and organic outreach effectively