SIGNALS: GROWTH PLATFORMS FOR A COVID-19 IMPACTED WORLD (05 OF 11)
This economic shock will push many to start their ‘home hustle’. This will be a new world for them, and they’ll want to see the ‘brand hustle’ you offer that will help them get through this new economy, even thrive in it.
Before COVID-19 was upon us, the gig economy was expanding rapidly. In the United States alone, it grew three times faster than the total US working population (1).
As the impact of COVID-19 causes mass unemployment rates, this economic shock will push many to start their ‘home hustle’.
This will be a new world for them, and they’ll want to see the ‘brand hustle’ you offer that will help them get through this new economy, even thrive in it. 80%+ of workers globally live in countries affected by full or partial lockdown measures.
We have seen 50,000 companies switching to eBay to keep trading during retail closure (1); an exponential unemployment jump; gig economy growth; the collapse of AirBnB revenue.
The OECD projects a 9.1% Euro Area GDP decline for 2020 if the Covid-19 is limited to a ‘single hit’. -11.5% if it’s a ‘double hit’. As they put it, economies are walking a tight rope. With many individuals feeling the impact of this, it forces them to:
Take back some control over their lives, breaking traditional relationships with earnings; workplaces; employers.
Find new ways of supplementing, or indeed replacing, incomes.
Should such changes start to occur, this has the potential of building a more creative and entrepreneurial workforce and society.
In response to this brands will need to innovate to service the rapidly emerging home economy. Thus, it poses the question: how can you pivot to service the emerging home economy?
There must be a shift in perspective so that we view individuals as economies of one and deliver on two rising needs: