The economy is on a slump because of the Coronavirus (Covid) -19 and the lockdown cum community quarantine. But even if the lockdown is lifted, the economy won’t immediately rebound. The reason: the so-called “low touch economy” or the operation of businesses and economic industries that observes physical distancing.
Under the low touch economy, gatherings will be limited, mobility will be highly regulated, work from home arrangements will be the norm, and strict observance of proper hygiene will be the norm. These being the case, the primary losers will be crowd drawing events like basketball, boxing and other games, concerts, and derbies; malls and groceries; and, the Cinemas and theaters. Who will go on a date with one meter apart, by the way?
But of course, if there are losers, there are also winners. Our top-7 list includes the following:
- On-line shopping. With social or physical distancing in place, people will avoid crowded places including groceries and malls. This is where on-line shopping comes in. Not only will the proper distancing be observed but shoppers also enjoy the convenience of shopping with the fingertips and without any traffic.
2. On-line banking and money transfer services. These services spiked since the start of the lockdown and we don’t see any reason why it will go down in the post-lockdown period. In the first place, people need to pay for what they buy on-line, right?
3. Telephone and Internet service provision. On-line will never be on-line without Internet connection. This industry will continue to play a big role post-lockdown.
4. Courier/Cargo delivery services. With the advent of on-line shopping, we can expect courier services to become more visible than ever. Remember that during the community quarantine, they were more visible on the roads — in fact more visible than the frontliners.
5. Content creators. With on-line shopping becoming the new normal, artists and content creators will also be in-demand as the marketing battle will be in the Internet. But of course, the market for content-creators will not be limited to on-line shopping alone. With social distancing, people who stays at home will be hooked to instructional videos from planting vegetables to fixing cabinets and even automobiles. Knowledgeable in video and info graphics? You will be the next sought-after individuals this time.
6. Agriculture and food production. With food insecurity under ECQ, farming will becoming active again — at least in the Philippines. The major competitors of farmers and agriculturists, however, will be those who got used to doing indoor farming or urban gardening.
7. Production of health and hygiene-related products. These include not only medicines but also personal protective equipments, first aid kits and kit contents. There is no vaccine yet for Covid 19 and even with the vaccine already made available, the lessons brought by the lockdown will definitely stick to the minds of everyone.
Do you know of other industries that will be the “in” post-lockdown? Feel free to share them in the comments section.