Corona virus & the world of the future – 11 predictions

Beate OeraResearch, insights & industry news

Corona virus - future predictions

Events have moved at alarming pace in the last few weeks, and there’s no telling where we’ll be in a couple of years’ time. However, the lockdown is likely to last long enough to permanently change habits – here are some stab in the dark predictions of where we might be heading long term.

1. Will this be the final catalyst to tackling global warming?

As happened during the financial crisis, and past recessions, global carbon dioxide emissions are forecast to go down as a result of the corona crisis. In the past, such drops were followed by a rapid recovery of emissions, but there are reasons why this might be different. Firstly, habits are changing, and future working methods are likely to include less flying and commuting. Secondly, the coming stimulus packages are likely to focus on green energy and structural changes. Could 2020 represent peak emission? This article has a good analysis.

2. The flexible working revolution is here

As we are now all pushed to remote working, firms will be given hard evidence on the viability of flexible working and productivity of home-based employees. There will be little reason to refuse employees flexible working in the future, when they have already demonstrated that it is a workable solution. There are cost saving opportunities in reducing office space as well.

3. But we might not be so enamoured with full time working from home any more

The downside of being permanently home-based is also being demonstrated to us – isolation and lack of human contact. We are likely to come out of this with a renewed appreciation for our colleagues.Flexible working - future office

4. Strengthening of local communities

There have been many heartwarming tales of individuals and businesses supporting each other and the more vulnerable in society during this crisis. These bonds will survive and strengthen local ties going forwards. A renewed understanding and focus on supporting local businesses is also in evidence, and much of this will continue. Which leads us to:

5. The beginning of the end for globalisation?

The absurdity and economic risks of shipping goods halfway across the world are becoming clear, and both the government, businesses and consumers will be motivated to support local and domestic production as much as possible, even at a higher price. The #buybritish hashtag will gain headwind.

6. Greater national resilience

From greater investment in the NHS and state preparedness for emergencies, to reduced reliance on complex supply chains, we are likely to come out of this with renewed focus on resilience, both on community and on national and policy levels.

7. The value of childcare

We are seeing the damage closed schools are doing to parents’ ability to work. Does it follow, then, that free childcare for younger children would also be beneficial to the economy?

8. Gyms and PTs will struggle

Gym goers are now at home exploring online classes, or hitting the roads cycling or running. Some will discover they like it, and all will discover it is cheaper. How many will return to the gyms when this is over?

9. Saving will be back in vogue

We are now getting a very painful demonstration of the value of having savings, and people will be less likely to push themselves to their financial limit on houses, cars and credit cars in the future. Older generations were in the habit of saving for a rainy day – seems grandma was on to something there.

10. Trouble for aviation, cruising and car producers

It’s hard to say when holidaymakers will return to the skies. Many will discover ferries, trains and other modes of transport, and domestic holidays will likely increase. Meanwhile, business travel will be hard hit in favour of video conferencing and virtual meetings. And it’s fair to say cruises have taken a bit of a battering.

The car industry was facing an uncertain future before this, and will now be hit by further blows as sales are down, lease agreements run out and commuting goes down. We predict the end of the heyday of the expensive lease car.

11. Technology is the winner

From webcams to social media and entertainment apps, technology has provided the solution to numerous problems over the last few weeks.

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Corona virus - future predictions