The end of consumption based economy?
As we go through this journey, I believe the human race will also relook at the consumption based stock market driven economy we have lived over the past 30 years or so. During the course of next 12-18 months, stock markets will find its bottom and stabilize, unemployment will stabilize and economies world over will eventually start growing. Many other things will change – where you work, how your children will study, how you shop, where you eat etc. However, a key aspect of this growth in the future will depend on the post Caronavirus consumer behaviour. Will we quickly go back to the buying frenzies of the capitalistic environment – big houses, big cars, housing loans, credit cards, buy more than you need behaviour or will the human race adapt to a less materialistic lifestyle, buy for the needs of the day and caring for the environment? Only time will tell, but I believe that this pandemic will have the biggest impact on social behaviours in the years to come compared to any thing else human race has seen over the past 100 years. And this in turn will have a huge impact on the economy but I wonder if the economists who are busy pushing their view point on a V vs U shaped recovery are factoring this. It is an interesting ride ahead.
Lead Development Manager
4 年Watch A Conversation With Dr.Anthony Fauci Live Online ?????????? ?????????? https://bit.ly/3gWmqhn
Post coronavirus we will need to reevaluate our "just in time" approach to everything. Business will be forced to re-look their risk management practices and mitigation strategies. Likelihood and impact should now be increased.? Supply chains and sources of supply evalauted. The healthcare systems will be forced to evaluate capacity versus profitability. Critical supply chains re-evaluated for sources of supply and capacity. Individuals should be evaluating their income, consumption, and debt to make sure they are not taking on too much risk. Risk Management practices always thought of just something you did to check the box will be an area of focus just like to profit/loss in the post coronavirus world.
Senior Manager at Accenture
4 年Insightful article. This pandemic has shown us that we can find joy in just having basic needs met and spending time with family. Rethinking- Necessity vs Luxury. Everything boils down to Roti, Kapda, Makaan and wifi ??
Performance Engineering Manager at Accenture
4 年These are the few words I think everyone will realise... sooner or later
Good article Mohan.