Turn and Face the Strange
Airline, hotel, and other hospitality and travel sector companies are facing an existential crisis of their own: For too long, consumers have made purchasing decisions based almost exclusively on the financial sticker price, which encouraged corporations to deliver budget services and solutions with exponentially declining flexibility. Now, these same corporations - struggling to address political, economic, and medical crises - are predictably focusing more on their quarterly and legal responsibilities to shareholders than on any ethical or moral opportunities, and concurrently demanding that customers acquiesce to that inflexibility. Something will have to give, but what?
Will governments step in and use taxpayer funds to bolster the private sector, while encouraging it to refund consumers for canceled purchases? Will consumer behaviors change permanently in the wake of the coronavirus period? Will brands push back against their historical priority #1 (protect shareholder interests) and begin focusing on protecting customer relationships, first and foremost? Lots of unknowns, as the narrative continues to unfold. I am confident of one thing, and that is that the following industries will be dramatically impacted, and some will be changed, as a result:
- Education (campus closures, combined with increased dependence on MOOCs)
- Travel (airline, cruise, train, etc)
- Hospitality (hotel, conventions, conferences, concerts, festivals, et al)
- Restaurant (supply chains, customer reductions in a traditional tight margin sector...)
- Housing & Transportation (commuting habits will evolve, rise of EVs may be shortlived as auto industry experiences overall decline, increase in urban density centers, etc)
What other sectors do you feel will be disrupted by the current pressures on business and social norms? Do you have any stories about how these and other sectors are impacting you?
Most important, I trust you are taking care of yourselves, your employees, and your families.
"Time may change me, But I can't trace time" - David Bowie
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About Nicholas de Wolff
A passionate advocate for long-term business growth driven by innovation, marketing, and IP development, Nicholas de Wolff is a strategic advisor with a strong background in emerging digital content channels, platforms, and technologies. Today, he focuses on helping start-ups, governments, and corporations refine their strategic plans, to better and more profitably integrate sustainability, community, and creativity.