According to Markus Epner, analyst at Fino Bank, the statistics speak the same language in both the United States and Estonia: consumption of services has decreased, while the market for home entertainment and related goods has grown.
“As a percentage of total consumption, these changes are small both here and there overseas, but large in specific industries and clearly felt in everyday life. According to research, one-fifth of Americans currently go to the hair and nail salon less than before the coronavirus, while the purchase of the corresponding products at home has increased by a quarter”, Epner gave the example.
Furthermore, according to the analyst, spending on hobbies that require physical presence has decreased, while more is spent, for example, on gardening and pets.
“Since the coronavirus era, many people have gotten into the habit of staying at home rather than going out on the town in the evening. When pandemic restrictions disappeared, friends started to be invited to visit their homes. While the turnover of restaurants in Western countries is quite scarce, in Italy, for example, sales of dishes for cooking and serving at home increased by 34% last year”, explained Epner.
According to the Fino Bank analyst, Estonia is not exempt from the same trends as the entire Western world.
“It is worth noting how restaurants have closed their doors one after another in Tallinn. Unfortunately, the closure of the Sveta bar, which has recently gained more attention in the nightlife niche, will probably not be the last,” said Epner and added that, similarly to the United States, consumption of physical goods in Estonia has also seen a strong recovery better since the pandemic.
“We can see whether this is a temporary inertia or whether our culture has changed. “If you consider that, for example, video conferences have not disappeared anywhere in working life, such changes can be permanent even in free time” , Epner estimates.
“But every crisis is an opportunity. Estonian entrepreneurs should understand what export opportunities such changes in the lifestyle of a billion Westerners could open up,” suggested the Fino Bank analyst.
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2023-12-11 07:12:54
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