As the world moves through the management phase of this historic , the ultimate “new normal” remains elusive. Countries that seemed to have flattened the curve are seeing a resurgence in daily case rates. Meanwhile, the pandemic has eroded global economic growth. Most businesses have been affected by two dominant factors:
- Dramatic changes in consumer behavior. We have retreated indoors. Most of us are no longer considering that new car purchase or taking that vacation we’d planned. This has hit several industries hard. For example, Singapore Airlines announced its first-ever loss in almost five decades this May. Real estate markets in many Asian nations are falling off a cliff. Meanwhile, as people remained homebound binge-watching Tiger King, the demand for online consumption grew — particularly among younger demographics. During the pandemic, convenience and risk aversion have been driving consumer behavior and, in turn, digital consumption habits. For instance, from a recent World Economic Forum study, over half of all youths between 16 and 35 years of age in Indonesia and Singapore increased eCommerce buying during the pandemic, and 87% increased usage of at least one digital tool.
- Radical disruption of the workplace. We