This podcast highlights one of Euromonitor's six COVID-19 themes.
The term “new normal” has been used to describe how economies, businesses and consumers will have to deal with the coronavirus pandemic going forward, but what does that mean? Economies are facing the worst recession since the great depression of the 1930s.
For businesses, every sector, from hospitality to education to finance are facing huge challenges navigating through disrupted supply chains and rapidly changing consumer needs and habits. Consumers are struggling to adjust to constantly changing restrictions, new daily regimes, massive unemployment and a general anxiety about the future.
Yet, the massive change is also making consumers re-evaluate their life priorities – they are focusing more on family, community, health and digital solutions. These priorities are expected to last well after the COVID-19 pandemic is over.