COVID-19 changed the world. Besides the devastation and lockdowns, one of the most profound changes was likely the recognition that health and epidemic safety should be paramount. Associating health with wealth is something you’d often hear used by insurance firms. COVID-19 made this real for everyone.
In the early stages of the pandemic, there were many debates between shutting down to save lives versus keeping things open. But we all know this is not a trade-off; a simple look at all the empty streets in Causeway Bay and Mongkok during the peak of the pandemic tells us everything. Without feeling reassured about their own health and safety, consumers refrained from spending and traveling.
As consumers embrace a much more health-conscious lifestyle, their behaviour will change in every aspect – from their daily activities and diet choices to living environment and spending priorities. Economists expect a health-centric economy is going to drive recovery and growth in the next decade, similar to how the Internet disrupted traditional businesses in the early 2000s and the steam engine powered the first industrial revolution in the early 1800s1.
1Leo A. Nefiodow, Kondratieff Cycles; source: https://www.kondratieff.net/kondratieffcycles
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