Rise of Real Estate/Fall of Retail
Nine months into a global pandemic, two industries, retail & real estate, are seeing that consumers are re-defining their needs. As consumers adapt to the new norm of wearing masks and working from home or collecting unemployment, how do big & small companies adjust? Consumers have a demand, but how will companies supply?
COVID-19, a deadly viral disease, affects millions of people worldwide. It is causing a global pandemic, which has changed our U.S. economy drastically. After U.S. states announced the stay-at-home order, consumers still had a demand, even if income was shortened. The consumer demand has now shifted from “wants” to “needs” and U.S businesses are discovering new patterns and strategies to re-engage with consumers in a safe and user-friendly manner.
Taking a look into two industries, retail, and real estate, they have seen a significant change during the pandemic. Retail businesses are taking a hit, by filing bankruptcies and closing stores. Real Estate is at an all-time high for demand in buying and selling houses. Delving a deeper understanding from these two industries could provide insight into how the economy was before the pandemic, during the pandemic, and possibly after the pandemic.
Read more on my blog post…
https://olivebassey.wordpress.com/2020/12/15/rise-of-real-estate-fall-of-retail/
