Human Possibilities in Bridging to the Prevalent Market Dynamics of the New Normal

Abstract

Although unwelcome, the effects of the COVID-19 pandemic have and will become a core predictor of marketplace dynamics and consumer behavior. But with the prevailing coronavirus preventive measures like lockdowns, travel restrictions, movement controls, and social distancing among others are all new to humanity. In fact, the pandemic and its propagated preventive measures have culminated in market scarcities, trade restrictions, joblessness, reduced consumer purchasing power, and unprecedented price escalations. To adapt to the above precarious environment of the new normal, consumers should carryout significant information search to make rational choices so as to spend wisely during the spiraling global price indices. Humanity ought to willingly lessen on their demand for luxuries, social events, along with holiday travels or adopt e-tourism fantasies for now. It's additionally suggested that payroll tax cuts and increase government spending on health strategies will reduce out-of-pocket expenditure and boost citizens' demand for the much-needed health insurance products in the new normal. Lastly, provision of reliable internet infrastructure will enhance online exchange of value to curb scarcity tendencies of the new era.