What will happen in the next year? Will we witness an economic revolution? Will traditional industries become redundant? Will the world ever really recover from the impact of COVID-19? Perhaps most importantly, will I still need to tell my kids to practice social distancing? The answers to these questions and more are hidden in plain sight, as much as the answers to any other intriguing question that may crop up in your minds.

The Economic Revolution

In the last twelve months, the world has changed. We’re no longer living in “normal” times. The term “normal” itself has been thrown out the door. We’re now in a completely new phase of the economic development cycle.

We will see a lot of disruption, especially in the first half of this year. The way we’ll cope with this is by adapting and changing. So much about our lives has changed in such a short space of time that we’ll need to retool in order to navigate this new world successfully. What’s important is that we keep our heads above water. We don’t want to be struggling financially when the world around us is experiencing such a dramatic shift. This is why it’s important to build a business that can weather the storm.

Most importantly, we need to remember that the last twelve months have exposed many weaknesses in our economic system. The powerful financial institutions that dominated the market for so long are in serious trouble. In a worst-case scenario, we could see another major financial crisis. The world is still recovering from the last one, which lasted nearly a decade.

The Collapse Of Traditional Industries

A few industries will be hit harder than others. The automotive industry, the oil and gas industry, the steel industry, and the textile industry will feel the immediate impact of the new normal. These industries mainly produce products and components that are either in high demand or in short supply. So when the demand drops, the price drops as well, often significantly.

This is why industries that can’t quickly adapt will struggle to stay afloat. Think about how much more difficult it is to run a car dealership during a time of the year when there are hardly any cars being sold. Or how about the hotel industry? Hotels are a great example of an industry that will be hit hard in the coming months. Imagine trying to make a reservation for a room at a popular hotel during a time of the year when there aren’t many people traveling or visiting the hotel. It’s not easy to pull off, especially if you want a prime location. The hotel will be fully booked, and you’ll hardly be able to get a room even if you pay top dollar.

It’s going to be difficult to quantify just how much traditional industries have changed in the last year. Everything from the tools we use (mobiles, tablets, etc.) to the way we consume content (through videos, live feeds, etc.) has shifted. The way we communicate has changed, as has the way businesses interact with customers. The list is endless.

The Rising Tearoom

We’ve seen online dining services and food delivery grow in popularity in the last year. More and more people are getting their meals delivered to them, whether it’s cooked by a professional chef or simply prepared by a home cook. This trend will continue, especially as restaurants and pubs close down due to the pandemic. There is little to no risk of getting sick from eating a prepared meal, so people are free to eat out wherever they like.

It’s expected that over 10 million food delivery establishments and restaurants will be created around the world in the next five years. In some countries, people are already making more than 80% of their weekly food purchases online, and the trend is spreading across all industries.

Retail Apocalypse

It’s almost certain that traditional retail will undergo significant change in the next year. The way we interact with our customers will change, as will the way businesses present themselves to potential customers. Customers will no longer need to go to a physical store, as much of what they want can be found online. It will be interesting to see how e-commerce and online marketplaces develop in the coming months and years to come.

Tourism

Tourism is a double-edged sword. On one hand, the world is enjoying a tourism boom as businesses and governments have opened up their doors to allow people to travel to destinations that they might not have been able to reach before. On the other hand, the fear of getting sick from the pandemic has discouraged people from visiting crowded places and caused them to stay at home. The impact of tourism in the next year will depend on how much fear there is of getting sick, how much people are traveling, and how long it will take for fear to subside.

Fortunately, we are now in a position to take advantage of the situation. Travel will be easier to achieve, and it will be possible to visit places that you never thought you’d get to see. The ability to connect with people from all over the world will also be a thrill. It might also be a good idea to take a sabbatical from work to travel and explore this new world. After all, the more we know, the better prepared we’ll be to navigate this new world.