I have been observing the evolution of this outbreak and how it is impacting American’s daily lives, habits and economy. The stock market is still rocky, and will be until we figure out a way to survive with new ways – no touch and social distancing, no gathering events (sports, church, music), more online purchasing (which will dampen retail even more) and other behavioral and cultural changes we will need to make. Read the Statista summary for the chart above (https://www.statista.com/chart/14854/online-food-and-alcohol-sales-in-the-us/)
Some things I think we will see right away – service workers getting laid off for lack of work and store closings (consolidation), an increase in the amount of order online and pick-up services (especially groceries), a huge increase in video conferencing and concomitant decrease in business travel. Being in Virginia Beach, a tourist destination, I think we will see really see the impact here, as leisure travel is curtailed.
So stay safe my friends. Let’s order local and keep our small businesses in business. What are your ideas for pivoting to stay in business? Post your ideas and comments to continue the conversation.
Tricia Wilcox Almas 