Re-Evaluation of Consumer Behavior
According to the WHO Coronavirus Disease (Covid19) dashboard the COVID-19 pandemic has resulted in over 15 million confirmed cases and over 600,000 deaths globally (https://covid19.who.int/?gclid=Cj0KCQjwjer4BRCZARIsABK4QeWK4IyOtEQ_OJ59s3DWvlMNlXwOlLqLUcJzX80VWhOKcB0lu32GfjEaAs0nEALw_wcB). “The global economy will shrink by 3% in 2020, and the accumulative loss of 2020-21 could be $9 trillion which is equal to the size of combined economies of Germany and Japan. It is the first time since great recession that both advance and emerging economies are in a recession”(Gita Gopinath, Chief Economist at IMF).
Social distancing, self-isolation, and travel restrictions have led to a reduced workforce across all economical sectors and caused many lost jobs. Schools have closed down, and the need for commodities and manufactured products has decreased. In contrast, the need for medical supplies has significantly increased. The food sector is also facing increased demand due to the panic-buying and stockpiling of food products. Governments have enforced border shutdowns, travel restrictions, and quarantine to control the spreading of disease globally.
While this is the view of the big picture, the pandemic and social restrictions have also changed individuals' lives. It has altered people’s priorities, consumer behavior, lifestyle, social engagements, and day to day life. The world has experienced "The Great Lockdown." It was nothing less than entering a hurricane with an idea of potentially letting go of everything one ever had. And many of us did lose their financial stability and loved ones. This time was evidence that if it comes down to survival, we don't need as many things as we make ourselves believe that we do. The stability structure of our life requires a lot less materialism and more humanism than we think it does.
Since the storm is calming down and life is getting back to its routine pace. It's perfect timing for you to re-evaluate your priorities. The pandemic was a perfect example of how life could change in one day. This is why you need to assess your need for having things to make your experience "so called happy". These are the fabricated layers of modern global society, when, in reality, Eskimos survive in the harsh conditions and manage without corporate race. On the contrary, it is the exact form of acceptance that we are made to believe we require, which comes from materialism. But if there is no such society, would you still look for happiness where you are looking for it now?
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