The option of remote work, along with fear of the virus, also triggered a stampede of urbanites toward the suburbs or countryside—and in some countries, a surge in rural property prices.
Not Going Anywhere?
Some kinds of travel came to a near halt. Global tourism fell 72% in the year through October, according to the United Nations. McKinsey reckons a quarter of business trips could disappear forever as meetings move online.
With vacations upended and mass events like festivals and concerts called off, the trend among consumers to favor “experiences” over goods has been disrupted. And when activities do resume, they may not be the same. “We still don’t know how concerts are going to be, really,” says Rami Haykal, co-owner of the Elsewhere venue in Brooklyn. “People will be more mindful, I think, of personal space, and avoiding places that are overly packed.”
Travelers may have to carry mandatory health certificates and pass through new kinds of security. Hong Kong based China Tech Global has developed a mobile disinfection booth that it’s trying to sell to airports. Chief Executive Sammy Tsui says it can clear pathogens from the body and clothes in 40 seconds or less. “You feel some cool air on your body, and some mist,” he says. “But you don’t feel wet.”
A Different Globalization
When Chinese factories shut down early in the pandemic, it sent shock waves through supply chains everywhere—and made businesses and governments reconsider their reliance on the world’s manufacturing powerhouse.
Sweden’s NA-KD.com, for example, is part of a flourishing “fast fashion” retail industry that moves with social media trends rather than the traditional seasons. After deliveries got jammed this year, the company shifted some production from China to Turkey, says Julia Assarsson, head of inbound and customs.
That’s an example of globalization adjusting without retreating. In other areas, the pandemic may encourage politicians who argue that it’s risky to rely on imports of goods vital to national security—as ventilators and masks turned out to be this year.
Going Green
Before the pandemic, it was mainly environmentalists musing over theories of peak oil—the idea that the rise of electric vehicles could permanently dent the world’s demand for one of the most polluting fossil fuels.
But when 2020 saw planes grounded and people staying home, even oil majors like BP felt a real threat from the world getting serious about climate.
Governments from California to the U.K. announced plans to ban the sale of new gasoline and diesel cars by 2035. And Joe Biden was elected with a promise the U.S. will rejoin the Paris Agreement.