As all of this is happening, it’s clear that there are going to be major changes in the economy. There have been huge rises and falls in the stock market. Airlines are having to rethink their entire strategy as they are giving customers the opportunity to waive their change fees while we all try to contain the Coronavirus. Universal Studios is making their movies that are still in theaters available for streaming so people don’t endanger themselves or others by going out.
What We Can Expect To Thrive
I think we have all figured out that streaming services are going to be thriving during this outbreak. There isn’t that much to do while at home, and watching movies and TV shows with loved ones makes us all feel a little less alone. Netflix, Amazon Prime, Disney+, and Hulu are just some examples of streaming services that will be flooded with more subscribers than usual. In fact, Netflix’s stock is up 17.71 points!
What else will be doing well? Online shopping! Since we’re all social-distancing, going out for a shopping spree isn’t the best idea. Instead, people will be shopping online at all their favorite stores! Plus, businesses like HelloFresh and BlueApron will also be doing major business as people have to cook at home and might not have the groceries or the experience to try recipes on their own.
Watching movies and TV shows with loved ones makes us all feel a little less alone.
Additionally, online education, as well as fitness streaming, will help us keep our minds and bodies in shape as we avoid public spaces. Since most schools are closed, educators will be teaching online. Gyms have also been shut down, so people will be turning to the internet to teach them some at-home workouts.
And of course, Amazon will be a huge help to us all as we try to avoid going out to the store to pick up sundry items. Their deliveries will keep us sustained when we don’t want to be out and about in this pandemic.
What We Can Expect To Suffer
On the other hand, a lot of businesses and self-employed people are going to be suffering during this time. To start off, restaurants will have a hard time keeping their doors open since no one is willing to eat in public. Small cafes will have the same problem as people try to avoid spreading germs to others.
Many, if not all, live performances have been canceled, and not all companies can afford to pay their performers for work they don’t do. Broadway shows have been canceled as well. The cancellation of events like Coachella not only hurts the hotel, service, and music industries, but also many of the fashion companies that rely on music festival season for big sales.
Fashion companies also rely heavily on garments made in China and are now having to play catch-up after two months of factory shutdowns in China. In fact, any company whose manufacturing relies on Chinese imports is probably suffering.
The cancellation of events like Coachella not only hurts the hotel, service, and music industries, but also many of the fashion companies that rely on music festival season for big sales.
Weddings are being rescheduled, and venues and vendors are having to move things around to make sure there are no gatherings over 50 people. Because of this, wedding vendors are truly going to take a hit as they can’t make any revenue for the next few months.
Any small boutiques or cafes that don’t have an online presence will take a hit, as they can’t close their doors and make up the money online. Instead of being able to serve their clientele in person, they will have to close their doors or come up with a new business model on the fly.
During this time of uncertainty, there are ways that we can help those struggling businesses. Donate to your local theater companies, or buy tickets for next season now so they can make it through these dry months. Buy gift cards to your favorite restaurants, cafes, fashion retailers, and boutiques. Make plans for the future with these businesses so that they can make it past this time.
Abby Roth is the creator of Classically Abby, an opera, beauty, fashion, and lifestyle brand dedicated to looking at the world from a classic perspective. Abby is an opera singer with three degrees in operatic performance from USC and Manhattan School of Music. She has performed all over at companies including Opera Omaha, Opera Maine, and Aspen Music Festival. You can find her website at www.classicallyabby.com and follow her on YouTube, Instagram, Twitter, and Pinterest at @ClassicallyAbby.