The purpose of market research is to see the undercurrents, and what is coming in time. It's almost like trying to see into a crystal ball. The other day I was walking down the street and pondering how used to the current COVID situation we have become. Everyone hates massive change, but when change is forced upon us, humans are amazing at adapting. The adapting can be seen in the little things, like how often you forgot your mask when leaving the house now compared to the beginning of the pandemic. Also the idea of wearing a mask everywhere seemed so uncomfortable and now seems relatively normal. When the virus first started the forced change happened so fast. In the beginning people were confused, angry and resistant. I think that just as we were surprised how fast things changed negatively with the virus, I think things will change for the positive equally as fast due to the upcoming vaccines.
When the pandemic first broke out, we did not see the signs and implications of its ability to spread, and cause massive outbreaks. We now have all of the signs and implications of a positive change upon us. With multiple vaccines now available and being mass produced, the United States is looking to have everyone that wants to be vaccinated, vaccinated by the end of June. Canada is also on track to have enough vaccines available for every Canadian adult by the first of July.
So what will the change look like?
Like in business, we are all trying to image what the future will be like, and how we can situate ourselves in and optimal situation prior to the change. Looking into the near future after June, there will be a massive increase in travel for the later summer holiday months. The pandemic has affected everyone in different ways. Small businesses have been hit hard, especially the hospitality industry. However, other industries have carried on business as usual, albeit with changes like working from home. The individuals who have been able to keep their job during Covid have seen massive savings in not going out for dinner, or drinks and no travel. This extra money will help fuel the travel plans and the post pandemic boom.
What businesses will thrive in the next wave?
The businesses that were hardest hit will be the thriving businesses of tomorrow. After so many restrictions on personal freedom, and isolation the swing to doing what you want and meeting friends will be priorities. This will include holidays, eating out, music festivals, bars and clubs.
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