If we have learned anything from the pandemic, it is that we can adapt. We have changed the way we travel, eat, shop and socialize. More importantly, the pandemic forced us to change the way we do business. COVID-19 has reshaped the business landscape, which has made companies look at their operations. As we slowly come out of the pandemic, new business trends have been created. Here are the top three emerging business trends.
1. Going Green – Although this has been a strong business trend over the past few years, there is now a greater focus on it. Offices that closed during quarantines have discovered the difference in energy costs. Some companies have decided to close their offices and have remote workers. The reduction in energy has prompted many companies to become more sustainable. There is a “green recovery” taking place where economic restoration is transitioning to a sustainable business model. Employees have saved money on transportation, clothing, and lunches (e.g., eating out). They have also developed sustainable habits, such as reducing the use of paper products and planting vegetable gardens.
2. Consumer Confidence Increases – There are many factors that have caused a surge in consumer confidence. These include fiscal relief from the government, more vaccinations and more businesses opening back up. There has been a communal effect in which consumers have been making an effort to shop at small businesses as well as eat at restaurants that were forced to close down.
3. More Leisure Travel and Less Work Travel – With tourism slowing coming back, people are traveling more to places that feature outdoor activities, such as hiking and fishing. They also want to visit relatives they haven’t seen in a year. However, traveling for work has declined because of the increase in Zoom meetings and virtual conferences as well as more employees working remotely.
As businesses continue to recover economically from the pandemic, consumers have become more optimistic about the future. They, too, have adapted in beneficial ways, which have saved them money and produced sustainable habits. It will be interesting to see if these trends continue into next year.
At Empire Group, we have adapted as many other businesses have during these challenging times. Our affiliate companies continue to create exceptional customer experiences, while following CDC guidelines. We look forward to the brighter days that are ahead of us.