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<ul class="summary-list"><li>Americans have been spending on goods at record amounts during the <keyword id="11896136" type="UNKNOWN" weightage="60" keywordseo="pandemic" source="Orion">pandemic</keyword>, while services spending has flatlined.</li><li>They're buying things for their home and life events, cementing the role of private consumption in the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>.</li></ul>Even after an economic reopening and a mass vaccine rollout, experiences aren't what they used to be.Eighteen months into the pandemic, Americans are spending way more on goods than ever before, according to Insider calculations of personal consumption expenditures data from the Bureau of Economic Analysis.While Americans spend nearly twice as much on services than on goods, the pandemic and recovery have put a damper on the former while massively accelerating the latter.As you can see in the chart below, spending on both goods and experiences plunged in April as the pandemic first made its way across the US. While both categories have since rebounded, spending growth for goods still remains stronger, surpassing pre-pandemic levels with a 25.69% increase from January 2019 to August 2021. Spending on services, however, has only increased by 7.15% in the same time frame.Services spending fell faster than for goods, and is recovering much more slowly. Both spending categories were highest in the months immediately before the pandemic hit the US, in January and February 2020, respectively. It didn't take long for goods spending to surpass this peak, in June of the same year. As of August, spending on services is barely above its pre-pandemic peak, while goods spending is still flying high.While spending on services still accounts for the lion's share of the economy, it's the first time in decades that spending on goods has increased so much.<h2>People want to buy for the home and life events</h2>The slower recovery in service spending makes sense. With months-long lockdowns and lingering restrictions across the country throughout much of 2020 and the first quarter of 2021, there were little-to-no services to even spend on.As the country slowly reopened, vaccinated consumers began to <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">return to out-of-home activities</a>, with plans to spend extra on experiences like travel and restaurants. Since the spring, Americans have been <a href="https://www.businessinsider.com/americans-prefer-eating-drinking-with-friends-over-shopping-delta-2021-8">eating and drinking out</a> more and more.But the steady strength of goods spending says a lot about how the economy is reshaping itself post-2020. Americans' yearlong stint inside the <keyword id="12338397" type="UNKNOWN" weightage="60" keywordseo="homebody-economy" source="Orion">homebody economy</keyword> <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">led to a spike in spending on private or homebound matters</a>. They bought everything from furniture and appliances for home improvement projects to loungewear and kitchen necessities as they worked and cooked from home.The elevated spending in goods indicates that the private consumption that gained foothold during quarantine has found its way into a post-pandemic landscape.A <a href="https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis">McKinsey &amp; Co.</a> report from May found that consumers intend to continue the investments they made in their home life post-pandemic. And a <a href="https://www.bloomberg.com/news/articles/2021-10-18/best-credit-in-years-opens-americans-path-to-big-life-decisions?cmpid=BBD101821_OUS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=211018&amp;utm_campaign=openamericas&amp;sref=qorXcFFuas&amp;sref=qorXcFFu">recent UBS survey</a> found that Americans are extremely or somewhat likely to embark on a big life event like moving to a new area or having children in the next year than they did before the pandemic. That would translate to a lot of spending on necessities, from a new couch to diapers.<h2>The demand for goods is hurting the <keyword id="11894138" type="UNKNOWN" weightage="60" keywordseo="supply-chain" source="Orion">supply chain</keyword></h2>However, <a href="https://www.businessinsider.com/delta-wave-wall-street-economic-recovery-gdp-forecast-spending-slowdown-2021-8">consumer spending slid</a> toward the end of the summer as Americans braced for another round of infections with the highly contagious Delta variant. Spending at retailers <a href="https://www.businessinsider.com/retail-sales-july-consumer-spending-virus-cases-climb-economic-recovery-2021-8">dropped by 1.1% to $618 billion</a> in July, and Bank of America predicted that it <a href="https://www.businessinsider.com/delta-variant-covid-economy-consumer-behavior-lockdown-bank-of-america-2021-7">could cause shoppers</a> to put away their credit cards, which partially explains the dip in spending on goods in the chart above. But by September, shoppers had shrugged off the Delta wave and retail sales trounced expectations, <a href="https://www.businessinsider.com/retail-sales-september-consumer-spending-delta-wave-economic-recovery-data-2021-10">hitting $625 billion</a>.And Americans didn't let Delta put a halt in their eating and drinking plans, <a href="https://www.businessinsider.com/americans-prefer-eating-drinking-with-friends-over-shopping-delta-2021-8">continuing to spend at restaurants and bars</a>. As evident in the chart, spending on services has remained on a slow and steady incline all summer.The elevated spending on goods is a two-edged sword for the economy. Americans needed to spend to <a href="https://www.businessinsider.com/america-post-pandemic-glow-up-consumer-spending-shopping-2021-4">help the economy glow up</a> after the coronavirus recession, especially after the Delta variant <a href="https://www.businessinsider.com/delta-economic-recovery-jobs-report-august-covid-cases-virus-recession-2021-9">squashed the economic boom</a> that was supposed to happen over the summer. With <keyword id="11921386" type="UNKNOWN" weightage="60" keywordseo="consumer-spending" source="Orion">consumer spending</keyword> typically accounting for 70% of economic activity, it's a key driver of the country's revival.But it's also hurting the world's supply chain, which has been a complicated mess the entire year. A <a href="https://www.businessinsider.com/more-expensive-goods-supply-shortage-congested-shipping-ports-texas-freeze-2021-3">host of factors</a> have caused many Americans to wait and spend more on the things they want: permanent and temporary factory shutdowns as a result of pandemic safety restrictions and labor shortages, congested shipping ports, <a href="https://www.businessinsider.com/supply-shortages-semiconductor-chips-crisis-us-china-trade-war-biden-2021-10">the US-China trade war</a>, bad weather, and <a href="https://www.businessinsider.com/global-shipping-traffic-jams-supply-shortage-shipping-delays-higher-prices-2021-9">global traffic jams</a>.Companies were also under unprecedented pressure. Not knowing what the work-from-home economy would do to <keyword id="12229634" type="UNKNOWN" weightage="60" keywordseo="consumer-behavior" source="Orion">consumer behavior</keyword>, many of them didn't accurately forecast demand and weren't adequately prepared to meet it once the economy reopened.While the <keyword id="11894139" type="UNKNOWN" weightage="60" keywordseo="supply-chain-crisis" source="Orion">supply chain crisis</keyword> is <a href="https://www.businessinsider.com/supply-chain-crisis-end-global-forecast-jefferies-shipping-delays-2021-10">showing signs of easing</a> ahead of the holiday season, the consistent spending on goods indicates that it could be a while before it fully rights itself.

Americans are buying more stuff than ever before, and it's jamming up the supply chain

<ul class="summary-list"><li>Americans are revving up their <keyword id="31669" type="PERSON" weightage="60" keywordseo="spending">spending</keyword>, which could <a href="https://www.businessinsider.com/america-post-pandemic-glow-up-consumer-spending-shopping-2021-4">fuel an economic boom</a>.</li><li>While they're ready to splurge on experiences, they're still spending on things for the home.</li><li>It's a sign that the <keyword id="8991372" type="UNKNOWN" weightage="60" keywordseo="homebody">homebody</keyword> <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> will be a new fixture in a post-pandemic world.</li></ul>Americans are going on a spending spree.In a post-stimulus, increasingly vaccinated world, they're ready to live like it's 2019 again. They're buying <a href="https://www.businessinsider.com/going-out-clothes-sales-rising-vaccines-retailers-vaccine-summer-2021-4">dresses</a>, <a href="https://www.washingtonpost.com/business/2021/03/18/dresses-jeans-suits-shopping-again/">jeans</a>, and <a href="https://www.nytimes.com/2021/05/25/business/rent-the-runway-clothing-covid.html?smid=tw-share">crop tops</a> and <a href="https://www.theatlantic.com/health/archive/2021/04/pandemic-beauty-salon-spa-botox-appointments/618520/">booking beauty services</a> like mani-pedis and haircuts for their <a href="https://www.insider.com/hot-vaxx-summer-pandemic-horniness-is-coming-blissful-release-2021-3#:~:text='Hot%20Vax%20Summer'%20Is%20Coming,interaction%2C%20or%20dismiss%20a%20notification.ication.">hot vaxx summer</a>. They're <a href="https://www.businessinsider.com/america-post-pandemic-glow-up-consumer-spending-shopping-2021-4">taking public transit</a>, dining at <a href="https://www.businessinsider.com/millennials-fueling-indoor-dining-new-york-city-restaurants-2021-3">bars and restaurants</a>, and <a href="https://www.businessinsider.com/travel-returning-boom-airlines-hotels-restaurants-spending-vacation-2021-3">taking flight</a>. It's good news for the economy, which needs Americans to spend a good portion of the <a href="https://markets.businessinsider.com/news/stocks/us-excess-savings-coronavirus-pandemic-power-economy-recovery-moodys-2021-4-1030318905">$2.6 trillion</a> they've saved during the pandemic to help fuel what could be the <a href="https://www.businessinsider.com/economic-outlook-stimulus-vaccines-gdp-growth-strongest-decades-fed-williams-2021-2">biggest boomtime</a> in a generation.But something is different - the spending on private or homebound matters, which spiked during lockdown, is staying high. Americans' yearlong stint inside boosted the homebody economy, a phrase coined in 2018 by <a href="https://www.vox.com/the-goods/2018/9/13/17846864/homebody-economy-netflix-wine-namastay-in-bed-sleep-brands">Vox's Kaitlyn Tiffany coined</a> to describe the growing market among millennials, who couldn't afford to do much but stay at home. Now, many Americans seem to be enjoying this way of life, and it doesn't look like it's going away anytime soon.Home spending grew at a strong pace in April, according to a Bank of America Research note from May 14. It found that for the week ending May 8th, the average daily spending in home categories grew by 37.8% over a two-year basis. A <a href="https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis">recent survey by McKinsey &amp; Co.</a> found that consumers intend to continue the investments they made in their home life post-pandemic.What McKinsey predicts is a "rebalancing" of the homebody economy. What emerged in 2020 is a new category of spending in the form of private consumption, that might be here to stay even as we return to normal. <keyword id="836139" type="ENTERTAINMENT" weightage="60" keywordseo="home-improvement">Home improvement</keyword>, at-home <keyword id="27178" type="ORGANIZATION" weightage="60" keywordseo="cooking">cooking</keyword>, comforts like bedding and pajamas, and online entertainment may all now get as much attention as experiences like travel and dining out traditionally have.<h2>The home improvement boom</h2>Many Americans turned to home renovation projects during quarantine, the beginning of a long-lasting boom.Home improvement and repair spending grew by nearly 3% to $420 billion in 2020, per a recent study by <a href="https://www.jchs.harvard.edu/sites/default/files/reports/files/harvard_jchs_improving_americas_housing_2021.pdf">Harvard University's Joint Center for Housing Studies</a> (JCHS). Abbe Will, one of the report's researchers, <a href="https://www.businessinsider.com/home-improvement-boom-housing-market-recovery-millennials-pandemic-2021-5">previously told Insider</a> they expect the home remodeling market to expand even further in 2021 - by 4% - as homeowners complete discretionary projects or those they put off during quarantine.Spending at home improvement retailers is currently outpacing spending at product retailers, per the BofA data. And UBS' Evidence Lab DIY survey found that a record percentage of homeowners are planning projects. In March, 71% showed intention to do a project within the next three months.<div type="image" title="contractor home remodel design" height="2824" width="3765" msid="83061424" hostid="261"></div>Baby boomers with equity led the home improvement boom, driven by newfound time on their hands, the desire to stay in their homes, and a <a href="https://www.businessinsider.com/why-there-are-so-few-homes-for-sale-high-prices-2021-3">historic housing shortage</a>. With moving to a different place in such a cutthroat market an unattractive option and the value of homes going up amid record-high housing, they became more willing to spend on remodeling than past generations.But millennials were cashing in on home projects, too. DIY renovation became a <a href="https://www.theatlantic.com/magazine/archive/2020/11/fluffing-your-own-nest/616469/">new form of discretionary spending</a> during the pandemic for wealthy millennials, who no longer had travel and brunch to spend on. But it also became a way for the less wealthy subset of the generation to get their hands on a house amid a <a href="https://www.businessinsider.com/why-there-are-so-few-homes-for-sale-high-prices-2021-3">shrinking housing inventory.</a>Some, unable to outbid all-cash offers, resorted to <a href="https://www.businessinsider.com/millennials-buying-fixer-uppers-housing-market-inventory-shortage-real-estate-2021-5">buying fixer uppers</a>. Many checked off their smaller, more budget-friendly renovations last year and are now facing more expensive renovations like bathroom and kitchen remodels that will continue to fuel the boom through 2021 and beyond.<h2>Newfound at-home hobbies and luxuries</h2>While home improvement spending has been one of the biggest sectors driving the sustaining homebody economy, the BofA note also found that spending in furnishings and bedding is playing a role. They're both an offshoot of home renovations, but bedding also symbolizes an upgrade in comfort - with coziness a common theme in pandemic spending.A spokesperson for Liketoknow.it <a href="https://www.businessinsider.com/why-did-people-buy-pajamas-during-pandemic-quarantine-self-care-2021-4">told Insider's Bartie Scott in April</a> that consumers "are very much still in the cozy mindset," continuing <keyword id="6368952" type="UNKNOWN" weightage="60" keywordseo="Shopping">shopping</keyword> for the things that began trending since the start of lockdown: loungewear, matching sets, nap dresses, and home bedding.Self-care items like pajamas took the place of what Lorna Hall of London-based trend forecasting firm WGSN calls "scheduled spend" - the purchases people regularly made in their pre-pandemic routine, like coffee, commuter fare, and lunches out. These regularly scheduled budgets changed as routines did, but they might have found a permanent place as we change routines yet again. As Hall told Scott, "bedtime is a thing that comes around every day."<div type="image" title="millennial cooking" height="1666" width="2223" msid="83061427" hostid="261"></div>As part of this routine shift, people also took on new at-home hobbies and domestic activities. The pandemic changed Americans' cooking prowess, as many turned to the kitchen with nothing better to do. They made more meals at home, experimented with different palates, and focused more on healthy ingredients - all of which could have long-lasting effects on how people cook and shop for years, <a href="https://www.cnbc.com/2020/12/29/even-after-pandemic-companies-may-have-to-cater-to-a-nation-of-aspiring-chefs-foodies.html">CNBC's Melissa Repko reported</a>.It sparked a <a href="https://www.businessinsider.com/meal-kit-evolution-coronavirus">resurgence in meal kit delivery services</a>, which McKinsey doesn't see abating. Between 60% to 70% of respondents said they expect to continue digital food related activities after the pandemic, such as meal-kit delivery services and new store and restaurant apps. Respondents also expect to accelerate their digital spending in pet products and consumer electronics going forward, two categories that are also seeing two-year growth, per BofA data.Spending on consumer electronics will only enhance the at-home entertainment experience. McKinsey also forecasts that the online entertainment and wellness habits adopted during the pandemic - think the <a href="https://www.latimes.com/entertainment-arts/business/story/2020-05-15/roku-coronavirus-pandemic-streaming">TV watching and streaming surge</a> and the turn to <a href="https://www.businessinsider.com/fitness-influencer-industry-pandemic-quarantine-boom-2020-5">digital fitness apps</a> and social channels - will remain for medium to long term.<h2>A new era for the economy</h2>Now, this isn't all to say that Americans want to sit in their home forever. After a year locked up, they're ready to break free and resume normalcy. Vaccinated consumers are beginning to return to out-of-home activities and spending at near pre-pandemic levels, according to McKinsey. And consumers overall plan to spend extra on travel and mobility, out-of-home entertainment, and restaurants after the pandemic. But they've also "made substantial investments in their home life which they want to continue, even after the pandemic subsides," the report reads.The private consumption that gained foothold during quarantine finding its way into a post-pandemic landscape says a lot about the American mindset right now. For one, it's likely that people realized both some of the conveniences and joys of a life at home, such as the ease of a meal kit or the luxury of sleeping in silk pajamas.It also signals that for all the progress we've made, we're not quite out of the pandemic just yet. The return to normalcy will be gradual, as many people need to more time to <a href="https://www.businessinsider.com/fear-of-returning-to-normal-life-pandemic-anxiety-freeze-2021-5">unfreeze from the trauma</a> of the pandemic before transitioning to more out-of-home activities.It's also a sign of how the pandemic has introduced new ways of life. Some companies have announced <a href="https://www.businessinsider.com/companies-asking-employees-to-work-from-home-due-to-coronavirus-2020">long-term remote work options</a>, and some Americans are <a href="https://www.techrepublic.com/article/1-in-3-employees-will-quit-if-wfh-ends-according-to-a-new-survey/">ready to work from home forever</a>. That means investing in a good home experience is more important than ever.The predicted economic boomtime could usher in a <a href="https://www.businessinsider.com/us-economic-outlook-2020s-new-era-stimulus-vaccines-remote-work-2021-2">new era in the US economy</a>, one that will be reshaped by the pandemic. If <keyword id="110880" type="PERSON" weightage="60" keywordseo="Consumer-spending">consumer spending</keyword> indicates anything, that will include a more pronounced desire for experiences, but also a more pronounced desire for being a homebody.

The pandemic took the homebody economy mainstream - and it's here to stay

Suzy Leanos worked hard through the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword> in her digital-marketing job, and by March of this year she was burned out. She quit without anything lined up.A self-described "microinfluencer," Leanos earns some income with influencer work, and she wrote an <a href="https://www.adweek.com/creativity/a-cautionary-marketers-tale-dont-ignore-your-pandemic-stressors-and-burn-out/">article for AdWeek</a> on burning out.She recently told Insider that she wants something more from her next job: flexibility.In the past month, she applied for two jobs. She began interviewing for a position that said it was close to her house.Then came the reveal: It would actually be a commute of more than an hour (she might have been able to work out of the office's closer location once a week). After the call, she let the company know she wasn't interested."It made me feel empowered as an employee looking for a job or as a person looking for a job, that there are options out there," Leanos said. "Especially through the COVID situation, the lockdown we went through, we know employers can be flexible."She added: "People are reevaluating their time, like how they spend their time, how they work, because we have options and choices. And we know it can be done, because we just did it."As workers tentatively peek out from the pandemic, they're bringing a whole new work experience with them, from an abrupt lay-off, a newfound love of <keyword id="123591" type="PERSON" weightage="60" keywordseo="Work-from-home">work from home</keyword>, or an unexpected revelation about where they want to live. Just as the pandemic led to the <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">rise of the homebody economy</a>, it's reshaping how people work and socialize.The desire for flexibility at work is spilling over into every other aspect of the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, from where people live to what they do with their free time to how they dress. The need for it is underscored by each uncertain twist of the pandemic, including <a href="https://www.businessinsider.com/cdc-fully-vaccinated-people-infected-can-transmit-covid-study-2021-7?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+businessinsider%2Fthelife+%28The+Life%29+Life%29">the Delta variant</a>.The <a href="https://www.businessinsider.com/loreal-sees-post-pandemic-roaring-20s-driving-cosmetics-rebound-2021-2">roaring '20s</a> are the beginning of the <a href="https://www.businessinsider.com/us-economic-outlook-2020s-new-era-stimulus-vaccines-remote-work-2021-2">next chapter</a> for work and the economy. Welcome to the hi-flex economy, where flexibility for what workers want is the name of the game.<h2>Employees want to work on their own terms</h2>For decades, the idea of work has been tied to an office. It was synonymous with a commute, office politics, and the increasingly lavish perks companies offered to keep their workers at their desks for longer.The pandemic unwound all of that.Workers are quitting their jobs <a href="https://www.nytimes.com/2021/06/20/business/economy/workers-quit-jobs.html">in record numbers</a>, some in search of <a href="https://www.npr.org/2021/06/24/1007914455/as-the-pandemic-recedes-millions-of-workers-are-saying-i-quit">more money or happiness at work</a> and others <a href="https://www.nytimes.com/2021/04/21/technology/welcome-to-the-yolo-economy.html">looking for a career reprieve</a> after a year - or many more - of burnout. Service workers <a href="https://www.businessinsider.com/labor-shortage-hospitality-workers-restaurant-hotels-pay-wages-joblist-survey-2021-7">want a new deal as well</a>, resulting in a labor shortage. Many of those staying put want to <a href="https://www.forbes.com/sites/bryanrobinson/2021/05/02/future-of-work-what-the-post-pandemic-workplace-holds-for-remote-workers-careers/?sh=4f51e207f5b8">continue working remotely full time</a> or want a hybrid work arrangement long after the pandemic is over.This desire for flexibility and autonomy was on the rise prepandemic, said Tara Sinclair, a senior fellow at the Indeed Hiring Lab. But it wasn't until the pandemic hit that employers began to embrace the technology that enabled employees to work from home."We all know this technology works now, so that genie is out of the bottle," she said. "And I don't think either the employer or the worker wants to completely put that genie back in the bottle."<div type="image" title="remote work" height="1660" width="2214" msid="84945926" hostid="261"></div>The types of flexibility that workers get depends on who's in a bargaining position, she added, which is in the hands of employees. Employees are <a href="https://www.businessinsider.com/media-staffers-are-pushing-back-on-return-to-office-plans-2021-7">pushing back</a> against employers who want them to return in person. Even though the unemployment rate is still elevated, employers are having a hard time finding workers and having to make concessions.Consider the restaurant industry, where workers are having their own <a href="https://www.businessinsider.com/labor-shortage-hospitality-workers-restaurant-hotels-pay-wages-joblist-survey-2021-7">work-related epiphanies</a> and <a href="https://www.businessinsider.com/burger-king-we-all-quit-sign-viral-workers-labor-shortage-2021-7">quitting en masse</a>. As wages rise in other industries - and conditions in the restaurant industry are laid bare - many are jumping ship for higher pay and more consistent opportunities.These expanded opportunities have disrupted how "captive" and ubiquitous low-wage jobs are, William Spriggs, an economics professor at Howard University and chief economist at the AFL-CIO, <a href="https://www.businessinsider.com/3-things-labor-shortage-people-quitting-work-afl-cio-spriggs-2021-7">previously told Insider</a>.Workers are ultimately taking advantage of their newfound freedom. They are "separating themselves from anything other than trading labor for money," Ed Zitron, the author of "<a href="http://ez.substack.com/">Where's Your Ed At?</a>" and the CEO of <a href="http://www.ezpr.com/">EZPR</a>, a national tech PR and media-relations firm, told Insider.He said that, when you're working from home, you don't get any of the things that you could use to excuse how bad your job is, such as enjoying your coworkers, free office food, or the office nap pod. "Without them, you are diluting it to the necessary, which is, 'How much am I being paid for what I'm doing and what I'm tolerating?'" <h2>The freedom of living wherever you want</h2>Another genie out of the bottle is location. Workers can now trade in the expensive cities their jobs tied them to for more affordable metros or for the slower-paced outlying suburbs.The migration of remote workers, coupled with record-low mortgage rates, fueled a housing boom last year that morphed into a historic housing shortage this year, accompanied by record high prices. So many workers wanted housing flexibility that the market has broken down."Besides weather and taxes, being near friends and family is a major pull factor that has driven migration over the past 15 months," Ali Wolf, chief economist for home-building property-tech company Zonda, told Insider. "For those able to move from a high-cost area to a low-cost area without taking a pay cut, the relatively low cost of housing is a driving force for homeownership and home price appreciation."What's happening now as a result of flexibility could shape <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> for years to come. As urban expert Richard Florida <a href="https://www.businessinsider.com/future-of-post-pandemic-big-cities-remote-work-richard-florida-2021-2">previously told Insider</a>, big cities may thrive in new ways after the pandemic, but their midsize peers - like Austin or Charlotte - will also rise.<div type="image" title="open house" height="2663" width="3551" msid="84945929" hostid="261"></div>Consider that to meet demand builders will need to build more homes farther from downtown, where there's more land to do so, which Wolf says will improve suburban amenities in the long run and create gathering places and hotspots.She also anticipates the rise of second headquarters among companies, allowing them to recruit talent from different parts of the US. She anticipates that employees will still want to remain connected to their company and coworkers as they work from home.Even Americans who haven't made permanent moves are taking advantage of location. The "workcation," in which people are vacationing for more extended periods while also working remotely, is a <a href="https://www.businessinsider.com/travel-returning-boom-airlines-hotels-restaurants-spending-vacation-2021-3">burgeoning travel trend</a>. As Americans flocked to larger homes in nonurban areas, <a href="https://www.businessinsider.com/airbnb-prices-higher-travel-rebound-earnings-hotels-spending-vacation-2021-5">Airbnb prices surged by 35%</a> in the first quarter of this year.If employers maintain flexibility for their workers - as some companies like Facebook and Twitter have - these real-estate trends will likely become a new normal.<h2>Hi-flex means <keyword id="34615" type="ORGANIZATION" weightage="60" keywordseo="restaurants">restaurants</keyword> and entertainment live in your house now</h2>Many sectors of the economy have had to be more flexible to survive. Restaurants had to creatively pivot to <a href="https://www.businessinsider.com/coronavirus-restaurants-suburban-takeout-orders-2020-4">takeout</a>. Movies shifted straight to <a href="https://www.businessinsider.com/how-many-movies-went-straight-to-streaming-release-2020-data-2021-2">streaming</a>, and New York Times Cooking saw a 40% increase in website visitors in 2020, <a href="https://www.businessinsider.com/nyt-cooking-bon-appetit-dominance-marketing-kitchen-studio-video-strategy-2021-1">Insider's Kari McMahon reported</a>, as workers' kitchens replaced their cafeterias.When it comes to entertainment, people will still want those in-person experiences, said Sarah Unger, a cofounder of the consulting firm Cultique. But as consumers could increasingly just access content at home, they "definitely don't want artificial restrictions placed on them by a business model when they know it's possible to have it both ways.""Having the flexibility feels really important to consumers, so that they can make the decisions best suited for their mood. So one night a person could want to do in home, and one night eat out," Unger said. She added: "It's hard to offer people choice and then rescind it."While it's impossible to say what, exactly, the future cultural landscape will look like because of the pandemic's effects, consumers' experiences of it will probably shape how it evolves."One thing we can probably be sure of is that consumers are very loath to let go of new habits that make their lives more convenient, make their lives easier," Linda Ong, the CEO of Cultique, said. "We're seeing that with the early results on streaming versus theatrical releases."<h2>People want to dress up and down</h2>The era of remote work has evolved the <keyword id="6" type="ENTERTAINMENT" weightage="60" keywordseo="fashion">fashion</keyword> world into two extremes: dressing up and dressing down.What's resulted, <a href="https://fashionista.com/2021/05/covid-19-pandemic-fashion-psychology">reported Maura Brannigan for Fashionista</a>, is an individualized wardrobe based on whether one wants to perpetuate or optimize their mood. Like with nearly everything else, the pandemic accelerated a trend in the casualization of fashion, with loungewear and <a href="https://www.businessinsider.com/why-did-people-buy-pajamas-during-pandemic-quarantine-self-care-2021-4">luxury pajamas</a> dominating wardrobes. While some people want to continue living in sweatpants forever, others are ready to hit the bars in <a href="https://www.theguardian.com/fashion/2021/jan/30/how-get-dressed-after-lockdown-victoria-beckham-alexa-chung-laura-bailey-amber-butchart">full Met Gala looks</a>.At the center of it all is comfort. Much like the desire for a hybrid work environment, consumers are looking for hybrid outfits that are both easy to move around in and stylish.<div type="image" title="covid fashion trends" height="1647" width="2200" msid="84945932" hostid="261"></div>Look no further than casualwear's entry into the workplace, marked by the fall of white, preppy retailers like <a href="https://www.businessinsider.com/brooks-brothers-j-crew-black-lives-matter-white-america-uprising-2020-8">Brooks Brothers</a> and the rise of Wall Street <a href="https://www.businessinsider.com/bankers-back-to-office-attire-suits-business-casual-tailor-trends-2021-5">bankers shopping</a> for more comfortable and stretchy attire.Tracy Margolies, chief merchandising officer at Saks Fifth Avenue, <a href="https://www.businessinsider.com/bankers-back-to-office-attire-suits-business-casual-tailor-trends-2021-5">previously told Insider</a> that office dress won't be as "buttoned up" as it has been in the past. "As people start to transition back to the office, there has been a shift from the pre-pandemic formality of getting dressed in traditional corporate attire to a more casual approach for work attire," she said.Even those intent on dressing up for out-of-work activities are seeking comfort, opting for <a href="https://www.npr.org/2021/06/10/1005019843/as-more-people-return-to-the-office-will-they-be-dressing-up">looser silhouettes and wide-legged jeans</a>. One-third of consumers say dressing up has become more casual for them than it was prepandemic, <a href="https://www.npd.com/news/press-releases/2021/npd-group-dressing-up-has-become-about-looking-and-feeling-good/">according to a survey</a> by market research company NPD Group and CivicScience.<h2>The 2020s: An era of flexibility</h2>The big question that remains is will the shift to flexibility be temporary or permanent? With variants of the virus still circulating, it's hard to predict what the economy will look like in a truly post-pandemic world."How much is it just in response to the pandemic, and how much of this will be here to stay?" Sinclair, the Indeed economist, said. "You can imagine that some of it is temporary, but I think a lot of it is just bringing it forward."In particular, the <a href="https://www.businessinsider.com/delta-covid-variant-cases-threatening-economy-markets-reopening-lockdown-02021-7">highly contagious Delta variant</a>, which now makes up the majority of US Covid cases, adds an extra layer of unpredictability. While it's too soon to say what its effects will be, it could make demands for flexibility greater than ever, since the continued uncertainty of the pandemic requires it. The CDC even said in internal documents - <a href="https://www.washingtonpost.com/context/cdc-breakthrough-infections/94390e3a-5e45-44a5-ac40-2744e4e25f2e/?_=1">reported on by The Washington Post</a> - that "the war has changed" when it comes to the Delta variant.Of course, the economy won't solely be shaped by flexibility. The next chapter of the economy, Sinclair said, all comes down to whether we can make it more productive going forward.Sinclair said the next decade of the economy will also be influenced by how America ends up paying for the government stimulus during the pandemic, as well as what happens with <a href="https://www.businessinsider.com/what-is-inflation-runaway-hyperinflation-price-growth-interest-rates-fed-2021-5">high inflation</a> that may be temporary or more permanent.Considering that working from home has <a href="https://www.bloomberg.com/news/articles/2021-04-22/yes-working-from-home-makes-you-more-productive-study-finds?sref=BLKWHazc">boosted worker productivity</a>, greater flexibility should be part of the answer. The pandemic has ultimately shifted Americans' mindset on how they want to live, work, and play: all things that will reshape the economy.Leanos, a mother, points out that kids have shifted to doing everything online; even school, children's number one in-person obligation, was forced to go remote. The next generation of workers might accept a flexible environment as a norm, not an anomaly.In 10 years, she said, workers are going to be wherever they want to be."Everyone's just going to carry their phone and their laptop everywhere, and do a little work here, take a break, do a little work there, take a break," she said. "It's going to be high-tech and remote and can be done anywhere."

Welcome to the hi-flex economy, where everything's optional

<ul class="summary-list"><li>Stocks plummeted on Friday as investors braced for the <keyword id="12616995" type="UNKNOWN" weightage="60" keywordseo="omicron-variant" source="Orion">Omicron variant</keyword> fueling a new round of lockdowns.</li><li>In one day, the market challenged the idea of economic "reopening" and revived "stay-at-home" stocks — and the homebody <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>.</li></ul>Reports of an ominous new COVID variant powered one of the biggest <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> tumbles of 2021 the day after Thanksgiving. It could all be for nothing — and that reveals a dangerous trend in the US economy.Such major stock-market movements may be too influential, shaping both how corporations are run and how the government shapes economic policy. And when the stock market digests more complex and complete information, it's often too late to change a major policy decision that's been set in motion.The power of market moves was everywhere on Black Friday, as investors frantically dumped stocks amid news of the Omicron variant emerging in Africa. The Dow Jones Industrial Average <a href="https://www.businessinsider.com/stock-market-news-dow-coronavirus-strain-south-africa-variant-2021-11">shed more than 1,000 points at intraday lows</a>, while the S&amp;P 500 dropped the most since February. Safe havens like Treasury bonds soared as traders sought less volatile assets. Popular stay-at-home plays like Zoom Video, Peloton, and DocuSign jumped as traders <a href="https://www.businessinsider.com/covid-variant-market-outlook-telework-stocks-soar-reopening-plays-drop-2021-11">braced for another round of lockdowns</a>. Governments joined the panic too, immediately, instituting travel bans. The <keyword id="12616641" type="UNKNOWN" weightage="60" keywordseo="selloff" source="Orion">selloff</keyword> reveals widespread concern that the strain will plunge the world into a new economic disaster, but those concerns may yet be overstated.Little is actually known about the latest variant. The strain, named B.1.1.529, has been found in South Africa, Botswana, and Hong Kong. Relatively few genomic sequences are available to scientists, meaning they can't yet study it comprehensively. Experts fear the strain has mutations that could make it more infectious, but it's still unclear whether current vaccines protect against it or not.The moment echoes that seen over the summer, when the first headlines of the emerging Delta strain put a damper on the global recovery. Subsequent research showed vaccines are effective against Delta, and continued vaccination has helped put the world economy back on track for a full recovery, but the immediate reaction was strong enough to <a href="https://www.businessinsider.com/apple-delays-office-return-to-at-least-january-bloomberg-2021-8">halt many companies' planned returns</a> to their offices in the fall, and that decision resulted in <a href="https://www.businessinsider.com/delta-economic-recovery-jobs-report-august-covid-cases-virus-recession-2021-9">months of weaker hiring</a> before the boom recommenced.Then, Delta initially looked like a much bigger deal to hiring than it actually was. The stock market had several strong negative reactions to weak jobs reports throughout the Delta wave. When subsequently revised data <a href="https://www.businessinsider.com/monthly-jobs-report-preliminary-moves-markets-policy-media-biden-2021-11">showed hiring had actually been somewhat weaker instead of a disaster for the job market</a>, public sentiment had <a href="https://www.businessinsider.com/consumer-sentiment-survey-hits-new-pandemic-low-as-prices-rise-2021-11">already soured</a> on an economy that's booming but doesn't quite feel like it.<h2><keyword id="11893875" type="UNKNOWN" weightage="60" keywordseo="markets" source="Orion">Markets</keyword> are much more fluid than economic policy </h2>The Omicron variant is similar to the Lambda and Beta variants in that they seem to evade immunity, Richard Lessells, an infectious diseases specialist at the KwaZulu-Natal Research and Innovation Sequencing Platform, told The New York Times on Friday. That means the new variant is cause for concern, but the dramatic Friday response may not be the correct one.Research shows that travel bans are more harmful than helpful to countries in the long run. One 2020 study for the Journal of Emergency Management <a href="https://www.wmpllc.org/ojs/index.php/jem/article/view/2688/pdf">found</a> that negligible evidence to support their use in minimizing the spread of emerging infectious diseases, while the WHO urged governments not to adopt such restrictions yet, advice that was ignored by the US, the UK, and several others.Former FDA Commissioner Scott Gottlieb, a prominent voice in US public health, criticized the White House's Friday travel ban, writing on <a href="https://twitter.com/ScottGottliebMD/status/1464324078345637888">Twitter</a> that "too much we don't know to impose economically, socially ruinous policies." "It's counterproductive in [the] short and long run to impose harsh travel restrictions on affected countries," Gottlieb wrote. "Outright travel bans can hurt more than help."Friday's selloff makes sense from a free-markets perspective. Investors constantly try to front-run trends so they can profit the most from new developments at companies or across the whole economy. For example, those who bet on global lockdowns as the pandemic was just emerging in China likely enjoyed the largest gains from stay-at-home stocks and safe-haven assets. If the Omicron variant does end up evading vaccines, then investors who shifted cash to stay-at-home plays will most likely profit. But investors' knee-jerk reactions to fluid situations can hurt the public. For instance, <a href="https://www.businessinsider.com/walmart-target-keep-prices-low-corporations-prioritize-profits-inflation-worse-2021-11">Target and Walmart</a> both sank last week even though they reported blowout financial results. Paradoxically, traders punished the companies for being too nice to their customers.Target CEO Brian Cornell said the company was "protecting prices" from the US's historic <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> instead of passing costs on to consumers. Walmart CEO Doug McMillon made similar remarks in an earnings call, telling investors "fighting inflation is in our DNA." The retailers' profits still exceeded expectations, yet investors dumped the stocks for not preserving their margins well enough, sending the message that the public should shoulder higher costs — and companies' responsibility is to make as much cash as they can.The stock market is driven by the feelings of attitudes and investors, not economic policy creators. Friday's huge market movement shows that even a near thousand-point drop should be taken with a grain of salt. But to paraphrase Barack Obama: reality has a way of asserting itself.

The market's Black Friday freakout about the new variant shows how a reactionary Wall Street rules American life and politics

<ul class="summary-list"><li><keyword id="11905566" type="UNKNOWN" weightage="60" keywordseo="remote-work" source="Orion">Remote work</keyword> and vaccine <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> rallied in Friday trading as traders bet on the new <keyword id="11948588" type="UNKNOWN" weightage="60" keywordseo="coronavirus-variant" source="Orion">coronavirus variant</keyword> to spark fresh lockdowns.</li><li>The rest of the market slumped the most all year, overshadowing strong 4Q forecasts and data showing a budding boom.</li></ul>With the ink barely dry on news of another COVID strain, Wall Street is already betting big on another round of lockdowns.The new variant of <keyword id="11893194" type="UNKNOWN" weightage="60" keywordseo="coronavirus" source="Orion">coronavirus</keyword> discovered in Africa has quickly revived worries of another virus wave, as experts fear its many mutations could make it more infectious — and potentially vaccine-resistant. The variant, named B.1.1.529, has already been found in South Africa, Botswana, and Hong Kong. The world <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> had only just seemed to put the Delta wave in its rearview before this new strain, which stands to freeze the global recovery in its tracks all over again.Investors are already hedging for more economic pain. Shares of popular "stay-at-home" stocks <a href="https://markets.businessinsider.com/news/stocks/moderna-stock-zoom-video-peloton-new-covid-variant-pfizer-biontech-2021-11">rebounded on Friday</a> as traders dumped reopening strategies and braced for new lockdowns. Telework picks Zoom Video and DocuSign bounced as much as 11% and 6%, respectively. Peloton shot nearly 8% higher. Vaccine plays including Pfizer, Moderna, and BioNTech all soared as well.The rallies are even more pronounced when compared to the rest of the market. The Dow Jones Industrial Average tumbled as many as 1,000 points, or about 3%, in Friday trading, while the S&amp;P 500 fell 2.2% at intraday lows. The session is on track to be the market's biggest single-day decline in 2021, though the Friday session is set to end early due to the Thanksgiving holiday.Stocks aren't the only assets plummeting on fresh <keyword id="91743" type="UNKNOWN" weightage="60" keywordseo="lockdown" source="Orion">lockdown</keyword> fears. Brent crude oil slid below $75 per barrel for the first time since September. The plunge marks a stark reversal from the price jumps <a href="https://www.businessinsider.com/oil-prices-today-emergency-reserves-spr-gas-prices-biden-opec-2021-11">seen earlier this week</a>. The drop signals traders are betting on new lockdowns to crimp global gas demand.The selloff comes as the US recovery accelerates and banks forecast <a href="https://www.businessinsider.com/economic-recovery-booming-fourth-quarter-wall-street-gdp-growth-forecasts-2021-11">booming growth in the fourth quarter</a>. Indicators for consumer spending and jobless claims have returned to pre-pandemic levels, and the labor market is on its way to a complete recovery. But the market's massive Friday selloff doesn't just signal the recovery is slowing; it also means the new variant is threatening reopening itself.<h2>From reopening to renewed lockdowns</h2>Traders' bearish outlooks have already materialized in some countries. Austria and Slovakia imposed new lockdown rules as their respective case counts rebound. Belgium established a four-days-a-week telework mandate for everyone except essential workers. The Netherlands is forcing bars and restaurants to close at 8 pm, and the UK has already <a href="https://www.businessinsider.com/uk-travel-ban-variant-in-african-countries-b11529-11?utm_medium=ingest&amp;utm_source=markets">blocked flights from six African countries</a> to lower the odds of the new variants' transmission.The new restrictions echo those put in place at the start of the pandemic and at the onset of the Delta strain's spread. Lockdowns swiftly halted economic activity and dragged economies into self-inflicted recessions. Vaccines paved the way for reopenings, but COVID variants risk repeating the cycle and keeping countries from fully healing.To be sure, it's too early to tell whether the latest strain will prompt widespread lockdowns. The World Health Organization has said there are less than 100 genomic sequences of the new variant available, meaning it will take some time to study its differences. Existing vaccines could protect against the strain like they do against Delta, or they could be rendered useless.Dr. Anthony Fauci has said he <a href="https://www.businessinsider.com/new-coronavirus-variant-southern-africa-no-indication-in-us-fauci-2021-11">wants to see more research</a> on the strain before recommending new policies. The WHO and South African authorities are set to meet on Friday to discuss the variant.The market fallout also comes after stellar gains in recent weeks. The S&amp;P 500 sat near record highs when the market closed on Wednesday. With equities already boasting such lofty valuations, any negative development was likely to spark profit-taking.Still, the magnitude of the Friday slump shows investors already bracing for the worst. To them, news of the latest variant means a return to remote work, a need for new vaccines, and that reopening is now on hold. The <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">homebody economy</a> may have months or years to run yet.

Forget reopening. The new COVID variant has 'stay-at-home' stocks rebounding.

<ul class="summary-list"><li>Americans <a href="https://www.businessinsider.com/americans-spending-goods-versus-experiences-supply-chain-crisis-2021-10">won't stop buying stuff.</a></li><li><keyword id="11909676" type="UNKNOWN" weightage="60" keywordseo="spending" source="Orion">Spending</keyword> on durable goods has soared over the past 18 months, per a new JP Morgan note.</li></ul>Americans just can't stop <keyword id="11896038" type="UNKNOWN" weightage="60" keywordseo="shopping" source="Orion">shopping</keyword>.Since the <keyword id="11896136" type="UNKNOWN" weightage="60" keywordseo="pandemic" source="Orion">pandemic</keyword> hit the US 18 months ago, they've been <a href="https://www.businessinsider.com/americans-spending-goods-versus-experiences-supply-chain-crisis-2021-10">buying way more stuff</a> than they were in the 2010s. While service spending still dominates the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>, getting double the amount of investment as goods, Americans are just buying so much stuff these days.It's kind of a problem how much stuff Americans are buying. It's giving the economy a much-needed boost: Spending growth for goods has surpassed pre-pandemic levels with a 25.69% increase from January 2019 to August 2021,<a href="https://www.businessinsider.com/americans-spending-goods-versus-experiences-supply-chain-crisis-2021-10"> a recent Insider calculation of Bureau of Economic Analysis data found</a>. It's the first time in decades that spending on goods has increased so much.However, consumer habits also are crippling our economy. Americans' record-breaking shopping habits have led to the US running out of all kinds of goods, <a href="https://www.businessinsider.com/america-isnt-running-out-of-everything-supply-chain-2021-10">as Insider's Emma Cosgrove reported</a>.A year ago, the American shopper was in virtual hibernation and it was anyone's guess when lockdown would end. Now we know they've been spending with a vengeance. A lot of the goods that Americans are buying are durable, according to a Monday note from JP Morgan's Bruce Kasman, meaning things that will be used for at least three years, such as furniture, cars, and electronics. But why are they buying so many of them?The bank broke down four driving forces behind Americans' seeming addiction to shopping right now.<h2>The experience economy shut down</h2>With months-long lockdowns and lingering restrictions across the country throughout much of 2020 and the first quarter of 2021, there were little to no services to spend on.Traditional entertainment spending was down by more than 90% year-over-year as early as May 2020, according to a <a href="https://www.businessinsider.com/wealthy-americans-doing-hobbies-alone-already-reshaping-economy-2020-6">Bank of America Research note at the time</a>. With limited experiential opportunities, JP Morgan said a little over a year later, Americans diverted their spending power toward durable goods.As the country slowly reopened, vaccinated consumers began to <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">return to out-of-home activities</a>, with plans to spend extra on experiences like travel and restaurants. Since the spring, Americans have been <a href="https://www.businessinsider.com/americans-prefer-eating-drinking-with-friends-over-shopping-delta-2021-8">eating and drinking out</a> more and more. But service spending is <a href="https://www.businessinsider.com/americans-spending-goods-versus-experiences-supply-chain-crisis-2021-10">recovering more slowly</a> than goods.<h2>Americans are shopping for a new kind of homebound life</h2>​​Shopping for goods remains elevated partly because Americans are "reconfiguring life for the pandemic era," per JP Morgan. This required upfront investments in everything from personal tech for a work-from-home set-up to cars for avoiding mass transit.It's a similar story for home goods. A year inside the <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">homebody economy</a> and a flurry of homebuying<a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5"> led to a spike in spending</a> on private or homebound matters. Americans bought everything from furniture and appliances for home improvement projects to loungewear and kitchen necessities as they worked and cooked from home. A<a href="https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis"> McKinsey</a> report from May found that consumers intend to continue the investments they made in their home life post-pandemic.Furniture and home improvement spending are up by 36% and 35%, respectively for the week ending October 23, compared to the same week two years ago, per a Bank of America Research note by a team led by economist Michelle Meyer. <h2>There were <keyword id="11930910" type="UNKNOWN" weightage="60" keywordseo="stimulus-checks" source="Orion">stimulus checks</keyword> to blow</h2>Each of the three stimulus checks passed from April 2020 through March 2021 led to a big jump in goods spending. JP Morgan saidThe checks and the decline in discretionary spending that accompanied the pandemic led to Americans holding<a href="https://markets.businessinsider.com/news/stocks/us-excess-savings-coronavirus-pandemic-power-economy-recovery-moodys-2021-4-1030318905"> $2.6 trillion</a> in excess savings as of mid-April, per Moody's Analytics. In May, they were spending more than they did before the pandemic,<a href="https://www.businessinsider.com/economic-recovery-us-consumer-spending-reopening-pandemic-stimulus-visa-index-2021-6"> Insider's Ben Winck reported</a>, citing Visa data.While many used their stimulus checks as financial assistance,<a href="https://www.businessinsider.com/half-of-americans-used-1400-stimulus-checks-pay-debt-2021-7"> like paying off debt</a>, they also likely used them to invest in the goods they needed for a lockdown lifestyle.<h2>Goods spending is finally catching up after a post-Great Recession slump</h2>There's also the fact that spending on durable goods had been depressed since the 2008 financial crisis relative to long-run trends, according to JP Morgan. "That doesn't explain why the normalization happened all at once during the pandemic, but it does caution against expecting a slump in durables demand," the bank said.During the <keyword id="12266328" type="UNKNOWN" weightage="60" keywordseo="great-recession" source="Orion">Great Recession</keyword>, spending on durable goods fell by 12% - way more than the 3% drop in nondurable goods, per <a href="https://fredblog.stlouisfed.org/2018/08/dips-in-durables-and-nondurables/">data from the Bureau of Economic Analysis</a>. Spending on cars, auto parts, furniture and household items fell the most, and didn't recover to pre-recession levels until after 2013.Cars and furniture just happen to be two of the areas that saw the most spending since the pandemic began. Perhaps, then, the newfound importance these items took on during a pandemic era was enough to help even out the Great Recession's overall decline in goods spending.

4 reasons why Americans can't buy enough stuff, including 'reconfiguring life for the pandemic era'

A 2,000-square-foot apartment is a unicorn in <keyword id="11921345" type="UNKNOWN" weightage="60" keywordseo="new-york-city" source="Orion">New York City</keyword>, but when <a href="https://www.rachmartino.com/">Rachel Martino</a> nabbed such a gem last June, she didn't know what to do with it."I was so excited to start decorating, but I realized I was a bit in over my head because it was such a big space," the 31-year-old influencer told Insider. The open, industrial loft in Williamsburg, Brooklyn, was a far cry from her prior apartment on the bottom floor of a townhouse, demanding much bigger furniture to make it feel full.By March, she decided to bring in outside help: an interior designer. She likened it to using a wedding planner."I wasn't spending money on vacations or experiences in the same way I did the previous year," Martino said. "It felt like a good investment in my day-to-day life to kind of put that back into the place I was spending all my time, which obviously is at home."Flush with quarantine savings, high off of <a href="https://www.businessinsider.com/millennials-upgrading-luxury-apartments-new-york-city-low-rents-pandemic-2021-3">scoring once-in-a-lifetime pandemic apartment deals</a>, and <a href="https://www.businessinsider.com/how-pandemic-shaped-millennials-adulthood-growing-up-2021-3">entering into a new phase of adulthood</a>, wealthy millennial New Yorkers like Martino have been investing big bucks in their pandemic-era sanctuaries. In a year when the comfort of home has become more important than ever, <keyword id="11921344" type="UNKNOWN" weightage="60" keywordseo="interior-design" source="Orion">interior design</keyword> has taken on huge importance for a certain subset that can afford to hire out to someone who can navigate widespread supply shortages and design a home that would feel good during tough times - and look that way on social media.<h2>A pandemic design boom</h2>Short on time and long on money, interior designers were already a part of the wealthy millennial starter pack before the pandemic.Davita Scarlett, a 33-year-old Brooklyn-based television writer, hired designer Beth Diana Smith in 2019 to touch up her mom's new, post-retirement apartment in Brooklyn because she struggled with making the space feel "homey." "I have a busy life, and an interior designer is helpful with getting things done and making sure things are ordered without me having to add that to my plate," she said. "If I had to do it by myself, this probably wouldn't get done for years."Smith, owner of an <a href="https://www.bethdianasmith.com/">eponymous interior design firm</a> in the tri-state area, helped Scarlett pull together a laid-back style in a neutral palette with subtle island vibes. They had to extend their plans into 2020 as manufacturers slowed production during the pandemic, the same time that Smith said she saw an uptick in interior design across all ages, causing her wait list to hit an all-time high of five to six people in January.<div type="image" title="beth diana smith" height="1133" width="1511" msid="85534355" hostid="261"></div><keyword id="11921342" type="UNKNOWN" weightage="60" keywordseo="millennials" source="Orion">Millennials</keyword> tend to believe it's worth the money to hire experts for certain things, rather than trying to do it themselves and making mistakes, Smith said. That's where interior designers come in - to create the space of their dreams. Smith, who charges a flat fee based on the scope of the project and her $250 hourly rate, said she felt millennials realized they couldn't run away from home during the pandemic. "It almost became the things that they wish they had already done, which meant everyone was on this mad dash to get it done," she said.This realization fueled a design boom that's part of what's called the homebody <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>, which <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">went mainstream during lockdown</a> as spending on homebound or private matters surged. A <a href="https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis">McKinsey report</a> from the second quarter found that the homebody economy persisted as the economy reopened, and will continue to do so in the medium term, with consumers continuing the investments they made in their home life as Delta surges. Home improvement spending was still up in mid-August, 22% higher than two years before, when spending wasn't affected by the pandemic. <a href="https://www.emmaberyl.com/">Interior designer Emma Beryl</a>, who is based in <keyword id="11892836" type="UNKNOWN" weightage="60" keywordseo="new-york" source="Orion">New York</keyword> but works with clients across the US, said that people fell into a now-or-never mindset as they felt the pressure of things opening back up during the summer. That's partly because millennials are too busy themselves. Lindsay Boswell, designer and co-founder of <a href="https://www.lablstudio.com/">LABLstudio</a>, said many clients she's had recently are younger CEOs of tech companies or "finance bro-type clients" who moved into a new place, but don't have time to make it as nice as they want."I've never been busier," she said. "Time is the biggest luxury," she said. "There's so much that everyone's trying to figure out right now in the world, or like once for the past year that they're like, 'Can you just make this look good?'"<h2>Maximizing a pandemic haven</h2>The pandemic resulted in millennial homeowners who bought their first place in the suburbs and renters alike suddenly living in newer, bigger spaces than they're used to.Beryl, who is currently working with 13 people, said most of her millennial clients during the pandemic were overwhelmed first-time homeowners moving out of the city. Hollis Loudon Puig of <a href="https://www.hollisloudon.com/">Hollis Loudon Design</a> said at first, she saw clients who had bought homes in Westchester and Greenwich from which they could work remotely. But as prices began to drop, she saw a shift to clients staying in the city.Rents across all boroughs plunged amid a surplus of supply during the pandemic, hitting their <a href="https://streeteasy.com/blog/nyc-real-estate-prices-continue-to-drop/">largest year-over-year declines</a> on record in January - 15.5% in Manhattan and 8.6% in both Brooklyn and Queens. Young professionals <a href="https://www.businessinsider.com/millennials-upgrading-luxury-apartments-new-york-city-low-rents-pandemic-2021-3">jumped on discounted luxury apartments</a> that were previously out of their budget.Television personality and fashion influencer <a href="https://www.instagram.com/paige_desorbo/">Paige DeSorbo</a> upgraded her Upper West Side studio for a two-bedroom apartment in Midtown back in April, only to feel lost trying to organize a bigger place.The 28-year-old enlisted Puig, a childhood friend, for help in creating a purpose for each space: a bedroom for sleeping and relaxing, an office for work, and an organized closet. "I wanted to walk into my apartment and feel accomplished," she said.<div type="image" title="paige desorbo" height="1999" width="2660" msid="85534357" hostid="261"></div>Without an interior designer, DeSorbo felt she would have been decorating her apartment for the whole year. "She really took the stress out of it," she said. "I knew I wasn't going to sit online at the end of the day and look for a credenza."Puig said millennials like DeSorbo want to maximize their space so they can utilize it in several different ways, whether it's for entertaining, exercising, or working. Before the pandemic, it was easier to dine out and exercise outside the home. "Now they want a large chef kitchen," she said. "They want a whole designated area for their Peloton."Puig, who works with clients on a $45,000 minimum budget charging a set project management fee of 20%, helps them pick out everything from flatware to sheets, things she said didn't matter much pre-pandemic. They're looking for things that were previously an afterthought, she added, like a Herman Miller desk instead of sitting at their counter to work."People who never thought their home would really be their 'sanctuary,'" she said, "this is where they're spending all their time."<h2>Investing in an adultlike home</h2>After upgrading their spaces, many millennials looked at their new apartments as a long-term investment. They may have been content with something from Ikea pre-pandemic, Puig said, but now they're looking for forever pieces that they can transition from renting when they buy a home. That was the case for Megan Falvey, who moved into a two-bedroom apartment in the Lower East Side with her hedge fund analyst boyfriend last July. Because living with a partner for the first time felt like a milestone, she said, she wanted to invest in long-term pieces and create a wholesome space that captured both his industrial taste and her boho style.<div type="image" title="meg falvey" height="1666" width="2222" msid="85534359" hostid="261"></div>"I didn't want everything to be piecemeal together," she said. "Living in New York, you want to have your own little sanctuary."Busy with work as the <a href="https://www.megfalveytutoring.com/">founder of a holistic education and tutoring firm</a>, but wanting to have fun with the design and a quarantine hobby, she turned to Puig. While her last apartment had college dorm vibes, as Falvey described it, her new apartment now feels like a home. "It's like when I go home and visit my parents and everything is clean and comfortable and put together," she said. "It's kind of like coming into adulthood."<h2>Skipping the supply shortage</h2>Some people have to be pushed into adulthood, though, and likewise, people who could afford to hire designers were pushed into their arms by the <a href="https://www.businessinsider.com/more-expensive-goods-supply-shortage-congested-shipping-ports-texas-freeze-2021-3">great supply crunch</a> of the pandemic. Backlogged shipping ports, unpredictable consumer behavior, factory shutdowns, and some production-halting storms resulted in tight capacity and low inventory across many retail goods.The ensuing furniture shortage sent the wealthy urban millennial into the hands of interior designers, Puig said, adding that they may have an eye for design but can't find things they can get ASAP.<div type="image" title="hollis loudon puig" height="1426" width="1901" msid="85534362" hostid="261"></div>"Like with any New Yorker, everyone wants everything done yesterday," she said."They're moving into these places and they're realizing that there is absolutely nothing out there that they can get to ship immediately." She said she's stepped in as a sourcing agent to find something comparable that is available or have something made domestically in New York. Many people are bringing in interior designers to find what they can't find on their own, but also to expedite the process so that they can more quickly utilize the space.All the designers Insider spoke to mentioned that the supply shortages have resulted in longer lead times. A typical lead time of 90 days with a client for Puig has turned into six-month-long projects.Smith said she ordered a client's love seat in November, but it's been pushed back at least three times, now expected to arrive in September. "Now that everything under the sun is on back order, all projects are probably taking twice as long," she said.<h2>The power of social media </h2>For millennials, interior design is about more than just creating a pandemic-optimized home - it's also informed and inspired by social media."Millennials are very into design and very aware of what's around, because we're all on social media all the time," Beryl said. "Whereas when I have older clients, it's a little bit easier to impress them because they haven't necessarily been exposed to it."Boswell noted she's seen a shift towards a more streamlined design, partly because a cleaner aesthetic is more refreshing and appealing after being home for so long, but also because it's what's popular on Instagram.For influencers like DeSorbo and Martino, a good home space also serves as a big content piece, making interior design an investment in itself. Martino even found her designer on Instagram.The social media platform was another big reason why DeSorbo, the fashion influencer, brought Puig in. "People are always taking pictures in their apartment," she said. "You want it to look cool."For DeSorbo, that would be a simple, chic, and clean design that could serve as a neutral background for her Instagram photos. "That was very high up on our list of making sure everything would match any outfit basically," she said.She added, "I can put an outfit together in a second, but if you ask me what matches the couch, I have no idea."

Meet the millennial New Yorkers dropping as much as $45,000 on interior designers to help pimp out their pandemic pads: 'Time is the biggest luxury'

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Democrats are <a target="_blank" href="https://www.businessinsider.com/joe-biden-debate-performance-reaction-democrats-2024-6">freaking out</a> following Joe Biden's performance in the first US presidential debate last night. Donald Trump fired off a number of<a target="_blank" href="https://www.businessinsider.com/trump-lied-biden-lost-who-won-first-presidential-debate-2024-6"> lies and misleading statements</a>, but the debate was still a <a target="_blank" href="https://www.businessinsider.com/what-happened-biden-trump-debate-takeaways-2024-6">complete disaster for Biden</a>.In today's big story, we're looking at how <a target="_blank" href="https://www.businessinsider.com/genz-millennials-going-into-debt-summer-vacation-travel-taylor-swift-2024-6">young people are booking their summer vacations</a>, finances be damned.What's on deck:<ul><li>Markets: Imposter syndrome is <a target="_blank" href="https://www.businessinsider.com/qatalyst-partners-banker-rob-chisholm-on-overcoming-imposter-syndrome-2024-6">an asset for this tech banker</a>.</li><li>Tech: Tech CEOs explain <a target="_blank" href="https://www.businessinsider.com/ceos-explain-the-tech-layoffs-mark-zuckeberg-sundar-pichai-2024-2024-6">why layoffs are plaguing the industry</a>.</li><li>Business: It turns out <a target="_blank" href="https://www.businessinsider.com/some-truth-nice-guys-finishing-last-work-personality-business-promotions-2024-6">nice employees finish last</a>.</li></ul>But first, just charge it.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="b012ed35-86e0-4b52-b362-685a555cedae">The big story</h3><h2 id="72cf1d62-f60f-410a-839d-48192f492c70">Destination debt</h2><div type="image" title="A woman laying on a $100 bill" height="1500" width="2000" msid="111345933" hostid="261" sizebytes="357924"></div>Buy the ticket, take the ride… go into crippling debt?Summer is in full swing, and Independence Day is approaching. That means plenty of people are entering vacation mode. But these trips also put a good chunk of <a target="_blank" href="https://www.businessinsider.com/genz-millennials-going-into-debt-summer-vacation-travel-taylor-swift-2024-6">young people into debt</a>, writes Business Insider's John Towfighi.Surveys from Credit Karma, Bankrate, and Bank of America show Gen Zers and millennials are willing to go on summer vacation at all costs… literally.Almost half of millennials surveyed (47%) were willing to take on debt to fund their travel plans, with Gen Z not far behind (42%). (However, it's not just young people. A third of Americans were happy to swipe their way to their next trip, according to Bankrate's report.)Multiple surveys also found young people are willing to put travel plans ahead of their financial goals. In fairness, you'll always be saving for something, but you can't frolic on the Amalfi Coast in your 20s forever.To be clear, we're not talking about a couple of overdraft fees to make it through a long weekend on the beach.Almost a quarter of young people surveyed by Credit Karma expected to rack up $2,000 in debt this summer. And about 10% of that group were willing to push it even further, surpassing $4,000 in summer debt.<div type="image" title="Woman photographing another woman who is posing on a lakeside" height="1280" width="1920" msid="111345927" hostid="261" sizebytes="201444"></div>Fueling your summer vacation with debt isn't a great idea, but it's easy to see how young people can fall into that trap.This is, after all, a country built on debt. When the government <a target="_blank" href="https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4">can't stop borrowing money</a>, it's no wonder its citizens feel so comfortable doing it.The summer is also prime time for the bane of most people's finances: weddings. Bachelor and bachelorette parties can be a particular drag. In 2023, one app estimated the <a target="_blank" href="https://www.businessinsider.com/how-much-average-bachelorette-party-costs-supplies-experiences-travel-2023-3">typical bachelorette attendee spends $1,200 per party</a>.But even if exercising your credit limit might feel like a necessary evil these days, it's a particularly bad time to do it.The average credit card interest rate <a target="_blank" href="https://www.lendingtree.com/credit-cards/study/average-credit-card-interest-rate-in-america/">is above 24% right now</a>! So what happens in Vegas stays in Vegas, but the charges you piled up to get there will stay with you for a while, <a target="_blank" href="https://www.businessinsider.com/parents-taught-important-lesson-about-credit-cards-college-2024-6">thanks to interest</a>.That's not to say you should be a homebody this summer. There are plenty of ways to travel on a budget. Maybe you do <a target="_blank" href="https://www.businessinsider.com/how-dont-pay-for-accommodations-traveling-trusted-housesitters-review-2024">a tiny bit of work while you're there,</a> or perhaps you don't pay to pick your seat (<a target="_blank" href="https://www.businessinsider.com/airplane-middle-seat-not-bad-aisle-window-travel-2024-1?utm_source=linkedin&amp;utm_medium=social&amp;utm_campaign=insider-author-post">the middle's not so bad</a>).Whatever the case, just be able to afford it.<h2 id="50d87113-b67d-4da5-918a-564fbf844939">3 things in markets</h2><div type="image" title="Photo of Rob Chisholm on a green square with an upward-trending arrow in the background" height="900" width="1200" msid="111345937" hostid="261" sizebytes="64354"></div><ol><li>How imposter syndrome fueled a tech banker's rise on Wall Street. As a college kid, Rob Chisholm was turned off by Wall Street's cutthroat reputation. But today, he's at the center of some of the biggest deals shaping the tech landscape. <a target="_blank" href="https://www.businessinsider.com/qatalyst-partners-banker-rob-chisholm-on-overcoming-imposter-syndrome-2024-6">He got candid about dealing with imposter syndrome</a> and offered advice for bankers trying to stay true to themselves.</li><li>TIMBER! Lumber prices are dropping. With peak home-building season coming up flat due to a lack of demand, <a target="_blank" href="https://markets.businessinsider.com/news/commodities/lumber-prices-plunge-home-building-season-demand-falls-flat-2024-6">lumber prices are down 24% from their mid-March peak</a>. It's a sharp 180 from the start of the year when lumber brokers thought business would boom to address the housing shortage.</li><li>Trump's policies could be disastrous for the economy, experts warn. A group of Nobel Prize-winning economists led by Joseph Stiglitz sounded the alarm on the economic consequences of a second Trump administration. Stiglitz told BI exactly how Trump's second coming could result in <a target="_blank" href="https://www.businessinsider.com/trump-presidency-policies-inflation-economy-americans-joseph-stiglitz-letter-2024-6">higher inflation, worse inequality, and a broader economic slowdown</a>.</li></ol><h2 id="8d999e75-50e5-4f2c-a7cb-68e3c05ef6ab">3 things in tech</h2><div type="image" title="sam altman" height="950" width="1440" msid="111345935" hostid="261" sizebytes="167996"></div><ol><li>OpenAI's head start fizzles. Though ChatGPT launched OpenAI to the forefront of an intense AI arms race, <a target="_blank" href="https://www.businessinsider.com/openai-chatgpt-sam-altman-agi-race-rivals-chatbots-2024-6">the company has struggled to maintain that momentum</a>. It's getting harder to match the buzz created by ChatGPT's initial launch — and OpenAI's rivals are catching up.</li><li>What's driving Big Tech's relentless cuts, according to its CEOs. Leaders like Mark Zuckerberg and Sundar Pichai are <a target="_blank" href="https://www.businessinsider.com/ceos-explain-the-tech-layoffs-mark-zuckeberg-sundar-pichai-2024-2024-6">blaming tech layoffs on overhiring and a shift toward a smaller workforce</a>. Others say they're restructuring to prioritize AI development.</li><li>AI will help — not hurt — livestreaming, Twitch CEO says. Contrary to the fear that AI could displace creators, <a target="_blank" href="https://www.businessinsider.com/twitch-ceo-dan-clancy-generative-ai-boon-for-live-streaming-2024-6">Twitch's Dan Clancy is confident AI will actually help them</a>. He said it's because viewers are looking for a human connection, something AI alone can't deliver.</li></ol><h2 id="f1bbd9ce-e77a-4470-abf1-96b22479b86c">3 things in business</h2><div type="image" title="A ball and chain with a smiley face" height="1500" width="2000" msid="111345931" hostid="261" sizebytes="225250"></div><ol><li>Nice workers finish last. A TikToker went viral after sharing a work theory: people who are both good at their jobs and a pleasure to work with will never get promoted past junior levels. Cynical as that sounds, she may be onto something. <a target="_blank" href="https://www.businessinsider.com/some-truth-nice-guys-finishing-last-work-personality-business-promotions-2024-6">Experts say "performance punishment" is a real thing</a>.</li><li>Amazon Prime + Gigi = advertising win. Gigi, a new adtech startup, wants to help brands with streaming TV ads on Amazon. Working together could help <a target="_blank" href="https://www.businessinsider.com/startup-gigi-helps-brands-buy-and-measure-amazon-tv-ads-2024-6">boost Amazon's rise in TV advertising</a>.</li><li>The Supreme Court had a big week. In a ruling on Thursday, the country's highest court dealt a blow to the SEC by <a target="_blank" href="https://www.businessinsider.com/supreme-court-strips-sec-enforcement-power-financial-fraud-jarkesy-2024-6">severely limiting the way it pursues financial fraud cases</a>. It also nixed a $7 billion bankruptcy plan for Purdue Pharma that <a target="_blank" href="https://www.businessinsider.com/supreme-court-rejects-bankruptcy-plan-protecting-sacklers-2024-6">protected the Sackler family from further lawsuits</a>.</li></ol><h2 id="fdd9eba7-4e3c-4b2e-af90-1530bd7866a1">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/gavin-newsoms-golden-opportunity-presidency-2024-6">A crisis comms expert says now is Gavin Newsom's chance to get what he wants: the presidency</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">Summer camps are cracking down on 'Sephora Kids' by banning luxury skincare products</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chevy-chevrolet-dealer-the-office-parody-viral-tiktok-marketing-2024-6">I'm delighted by this car dealership's parody of 'The Office'</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/billionaire-joe-ricketts-wyoming-luxury-resort-upsets-locals-wildlife-2024-6">Billionaire Joe Ricketts' latest drama is right out of 'Yellowstone.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/tesla-driver-crashed-new-cybertruck-says-brakes-did-not-work-2024-6">A Tesla driver says he crashed his brand new Cybertruck after the brakes stopped working</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/sam-altman-worst-moment-in-openai-ousting-airbnb-chesky-2024-6">The 'worst moment' of Sam Altman's OpenAI ousting happened just before midnight, Airbnb CEO said</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/patagonia-cx-staff-told-to-relocate-or-leave-california-2024-6">Patagonia gave 90 staff a choice — relocate across the US or leave the company. They've got 3 days to decide</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/arizona-iced-tea-founder-don-vultaggio-never-raised-99cent-price-2024-6">Arizona Iced Tea founder explains why he's bucked the inflation trend and never raised its iconic 99-cent price in 32 years</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chewy-petco-stock-price-roaring-kitty-keith-gill-gamestop-dog-2024-6">Roaring Kitty post of a dog sparks brief rally in shares of Chewy and Petco</a>.</li></ul><h2 id="7c65b5c5-89bd-4854-8df3-6c044ed2189c">What's happening today</h2><ul><li>Iranian presidential election: Four candidates vie to succeed former President Ebrahim Raisi, <a target="_blank" href="https://www.businessinsider.com/iran-president-ebrahim-raisi-dead-helicopter-crash-2024-5">who was killed in a plane crash in May</a>.</li><li>Glastonbury festival begins in the UK with Dua Lipa, Coldplay, and SZA headlining.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Gen Zers and millennials are willing to go on summer vacation at all costs. Literally.

It's the unofficial start of summer, readers! Take some time to soak in that much needed R&amp;R - and while you're at it, enjoy some of our top reads spanning real estate, fitness, food, and travel. In this week's edition of <keyword id="10712724" type="UNKNOWN" weightage="60" keywordseo="insider-life">Insider Life</keyword>, we're showing you the Waldorf Astoria's grand makeover, giving you a glimpse into the "bizarre" housing market, and introducing you to Guatemala's 1,800-degree "lava" pizza (yes, please!).Without further ado… If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/insider-life">sign up here.</a> For more of our <keyword id="1590971" type="PERSON" weightage="60" keywordseo="Newsletters">newsletters</keyword>, <a href="https://www.businessinsider.com/subscription/newsletter">sign up here.</a><a href="https://www.businessinsider.com/inside-the-million-dollar-model-of-the-waldorf-astoria-2021-3"></a>New York City's <a href="https://www.businessinsider.com/inside-the-million-dollar-model-of-the-waldorf-astoria-2021-3">iconic Waldorf Astoria</a> is undergoing a metamorphosis. The building is being partially reconfigured into condominiums, and a million-dollar model of the building is a big part of its lavish revival. Building models have long been used to help sell luxurious Manhattan real estate, but this to-scale rendering is a bit different - the model cost close to $1 million, weighs more than 300 pounds, and stands over 9 feet tall. <a href="https://www.businessinsider.com/inside-the-million-dollar-model-of-the-waldorf-astoria-2021-3">Take a look at the Waldorf Astoria's luxe makeover.</a><a href="https://www.businessinsider.com/reopening-saks-dining-shopping-nyc-without-wearing-mask-2021-5"><div type="image" title="Michelle Gross" height="3000" width="4001" msid="83062850" hostid="261"></div></a>When <a href="https://www.businessinsider.com/reopening-saks-dining-shopping-nyc-without-wearing-mask-2021-5">Saks Fifth Avenue</a> and its signature restaurant, L'Avenue at Saks, reopened for both indoor and outdoor dining at a regular capacity this month, fully vaccinated writer Michelle Gross took advantage of the loosened restrictions. She spent a day dining and shopping at the luxury department store - without a mask. <a href="https://www.businessinsider.com/reopening-saks-dining-shopping-nyc-without-wearing-mask-2021-5">Here's what it was like.</a><a href="https://www.businessinsider.com/rich-covid-travel-security-consulting-bodyguards-hiring-2021-5"><div type="image" title="summer pandemic in the US 4x3" height="1875" width="2500" msid="83062853" hostid="261"></div></a>The wealthy are gearing up for their hot vax summer, which means <a href="https://www.businessinsider.com/rich-covid-travel-security-consulting-bodyguards-hiring-2021-5">their security details are, too.</a> As they plan vacations to far-flung destinations, security firms for the rich are preparing themselves by hiring above pre-pandemic levels and requiring vaccinations for bodyguards and drivers. <a href="https://www.businessinsider.com/rich-covid-travel-security-consulting-bodyguards-hiring-2021-5">Here's how they're preparing for the return of luxury travel.</a><a href="https://www.businessinsider.com/housing-market-covid-takeaways-redfin-ceo-2021-5"><div type="image" title="plight of pandemic homeowners 4x3" height="1800" width="2400" msid="83062855" hostid="261"></div></a>Today's <a href="https://www.businessinsider.com/housing-market-covid-takeaways-redfin-ceo-2021-5">housing market is getting "bizarre,"</a> says Redfin's CEO Glenn Kelman. Inventory is down, home prices are up, and buyers are getting desperate: one person, Kelman said, was so desperate that she offered to name her first-born child after the seller. (Psst - for help breaking into the wild housing market, Insider subscribers can join us on Wednesday, June 16, at 2 p.m. ET <a href="https://www.businessinsider.com/live-event-how-to-buy-house-pandemic-real-estate-market-2021-5">for a live panel discussion</a>). <a href="https://www.businessinsider.com/housing-market-covid-takeaways-redfin-ceo-2021-5">Key takeaways from the wild housing market.</a><a href="https://www.businessinsider.com/entrepreneur-trains-private-jet-flight-attendants-california-2021-5"><div type="image" title="Steffany Kisling" height="4000" width="5333" msid="83062857" hostid="261"></div></a>Each year, more than 800 people apply for the <a href="https://www.businessinsider.com/entrepreneur-trains-private-jet-flight-attendants-california-2021-5">"Harvard of the sky,"</a> a school founded by Steffany Kisling to train private-jet flight attendants to serve the world's A-list travelers. We spoke with Kisling about her elite academy, and she gave us a walk through of a day in her <keyword id="6360041" type="UNKNOWN" weightage="60" keywordseo="life">life</keyword>. <a href="https://www.businessinsider.com/entrepreneur-trains-private-jet-flight-attendants-california-2021-5">Here's a look inside her world.</a> <a href="https://www.businessinsider.com/brandon-blackwood-handbag-entrepreneur-end-system-racism-tote-kim-kardashian-2021-5"><div type="image" title="Brandon Blackwood" height="3360" width="4480" msid="83062860" hostid="261"></div></a>Best known for his "end systemic racism" tote, <a href="https://www.businessinsider.com/brandon-blackwood-handbag-entrepreneur-end-system-racism-tote-kim-kardashian-2021-5">millennial entrepreneur Brandon Blackwood</a> used $7,000 and Instagram to build his handbag empire. Now, his cult-like following - which has caught the attention of celebs from Kim Kardashian to Jessica Alba - has him on track to book $30 million in revenue this year. <a href="https://www.businessinsider.com/brandon-blackwood-handbag-entrepreneur-end-system-racism-tote-kim-kardashian-2021-5">How he found success.</a><a href="https://www.businessinsider.com/indoor-rowing-brands-compete-for-next-at-home-fitness-hit-2021-5"><div type="image" title="rowing cardio machine" height="1414" width="1885" msid="83062862" hostid="261"></div></a>Interest in <a href="https://www.businessinsider.com/indoor-rowing-brands-compete-for-next-at-home-fitness-hit-2021-5">indoor rowing is on the rise</a> in the US - and is actually one of the fastest-growing segments of the overall fitness-equipment market. Now, brands like Ergatta, CityRow, and Hydrow are competing to be the next at-home fitness hit. <a href="https://www.businessinsider.com/indoor-rowing-brands-compete-for-next-at-home-fitness-hit-2021-5">The rise of at-home rowing.</a>Plus...<ul><li>Rich people are spending millions on underground bunkers and luxury panic rooms. <a href="https://www.businessinsider.com/luxury-panic-rooms-underground-bunkers-wealthy-homeowners-2021-5">Here's why.</a></li><li>You can eat a 1,800-degree "lava" pizza at the foot of this volcano in Guatemala. <a href="https://www.insider.com/central-latin-south-america-food-tourism-travel-cooking-volcanic-instagram-2021-5">Check it out here.</a></li><li>The pandemic took the homebody economy mainstream - <a href="https://www.businessinsider.com/homebody-economy-post-pandemic-world-consumer-spending-home-improvement-hobbies-2021-5">and it's now here to stay.</a></li></ul>

Insider Life: Waldorf Astoria's makeover - Maskless at Saks - 'Harvard of the sky'

<ul class="summary-list"><li>Jess Smith-Winchester is a 34-year-old former account manager at a digital art studio in Atlanta, GA.</li><li>She was the first one let go at her old company during the pandemic.</li><li>She's signed up to be a <keyword id="5477031" type="POSITION" weightage="60" keywordseo="poll-worker">poll worker</keyword>, and is working on her photography and monetizing her social media.</li><li>This is her story, as told to Caroline Cox.</li></ul>Back in February, I was prepping to find another job. 2019 was a fantastic year. Going into 2020, I said, I'm getting a new job. I wasn't necessarily let go because of COVID-19 — my company knew I was unhappy and applying to other jobs. So when the pandemic buzz started, I was the first to be let go. They've let others go since then because of business slowing, and they've been paying my <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword>. I reached out to some offers and there was a lot of momentum, then people started getting cold feet. I immediately filed for unemployment. I didn't want to take a job, then get let go in a month and have to start over again, because I heard from multiple people that unemployment was becoming a mess to get on.Right when I got let go, my husband got promoted and started working from home full-time, so he works longer days than ever. His job ramping up kind of pushed me into this homemaker role. We don't have kids, but he's the provider, and I find myself putting the house ahead of my career focus. <h2>As far as money goes, we're saving. It's easier since restaurants aren't open and you can't really travel.</h2>I'm not a homebody, so we've been doing some car travel for our mental health. But those are also times when I'm not looking for a job. We used our stimulus check to pay off a credit card. My unemployment originally was equal to my salary before commission, so it was livable. Now, it's down to like $380 a week. We paid off my husband's student loans this past April, and it couldn't have happened at a better time. I'm searching for jobs within my field. Competition and the potential career setback are big fears. I would take an entry-level position, but it would kind of break my heart because it wasn't until 2019 that I felt like I was making the kind of money I deserved to be making. I don't want this big gap in my work history, but I'm also being picky. At this point I don't necessarily have to settle for just anything. While unemployed, I've taken jobs as a poll worker, done some photography gigs, I've been selling on Poshmark, and I'm attempting to monetize the blog I've had since 2007, along with my social media. Now, day-to-day life looks like providing meals for myself and my husband, cleaning up, then tending to the house, our two cats, and our 100-plus plants. On weekdays, I try to work out, look at LinkedIn, apply for jobs, and do some photo editing. I'm an extrovert, so I also talk to friends and family a lot on FaceTime.I graduated in 2008 into a recession, had a good job for three months, then got laid off. I got laid off again in 2011 during another dip in the economy, so this is essentially my third crisis. It's disheartening. But this time around I'm the most secure, money-wise, so I feel fortunate on that end.

I was the first one laid off from my company during the pandemic. Since then, I've worked as a poll worker — here's what it's been like.

<ul><li><keyword id="9585113" type="COMPANY" weightage="20" keywordseo="sowmya-iyer-founder-ceo">Sowmya Iyer, Founder &amp; CEO</keyword> of <keyword id="6605522" type="UNKNOWN" weightage="20" keywordseo="DViO-Digital">DViO Digital</keyword> writes how Covid-19 has accelerated the pace of adoption and achieved in two months what we may have otherwise done in 20 years.</li><li>She further writes what can brands expect and which way to steer their business. </li></ul>As a marketer of brands and businesses across a variety of sectors, I have been keenly observing the shifts and changes as they happen through the pandemic crisis that engulfs us today. Also, being an integral part of board room discussions for clients (read: “Zoom-room”!) conversations on "what next" for businesses, some key observations and patterns that we see emerge! While the degree of changes in all the above may vary, change is certain. What we do know is that we are entering an anxious new territory. What I do know is that businesses will need to be brave and demonstrate tremendous agility to survive and thrive in the coming times. Those who keep a keen eye out for their consumers and their changing lives will know exactly what to do or how to pivot, if and when required. Let’s pause and look at the things we are doing differently and ask ourselves whether we are likely to continue doing differently: <ol><li>Are we likely to travel differently?</li><li>Are we likely to buy differently?</li><li>Are we likely to work differently?</li><li>Are you likely to consume entertainment differently?</li><li>Are we likely to eat differently?</li><li>Are we likely to socialise differently?</li><li>Are we likely to exercise differently?</li><li>Are we likely to do healthcare differently?</li><li>Are we likely to study differently?</li></ol> The most dramatic change of all has been adoption of digital technology. The earlier shift to digital was at best a reluctant experiment for most businesses. Covid-19 has accelerated the pace of adoption and achieved in two months what we may have otherwise done in 20 years. So when travel, malls, retail outlets, universities, offices, gyms, healthcare clinics and restaurants return, what changes are they are likely to see? According to a recent McKinsey report: <ul><li>Net consumer optimism has declined. Consumers are spending more on essentials and not on discretionary categories.</li><li>Consumers are shifting to online and digital solutions as well as reduced-contact channels to get goods and services.</li><li>Consumers also want to see an ongoing emphasis on cleaning and safety.</li><li>Even though many countries have lifted stay-at-home restrictions, most consumers still feel the pull toward a “homebody economy.”</li></ul>Among other trends that we may observe, the low-to middle-income groups are likely to cut down on their spending more deeply than the middle-to-high income groups, who are not likely to cut down on their spending but spend on things that really matter to them and become more mindful of their spending. So coming to my original point, brands and businesses that have their ears and eyes open to their consumers will know which way to steer their business. What to expect Travel: As travel opens up, people will choose to go to places that they can drive to and not need to use a public transport vehicle (flights, trains, buses). Thus, your typical weekend destinations will benefit and local tourism economy will flourish. Homestays, Airbnbs and resorts spread over large areas with lower density of people and more private areas will do better. Luxury travel is likely to take a new meaning. The aftermath of the shocks we encounter in life is typically pause and reflection. So also with this crisis, spiritual retreats, yoga retreats, wellness centres, meditation camps, and places that take you closer to nature are likely to take on the new definition of luxury. Buying and retail: E-commerce will become the norm, if it hasn’t already. The deep adoption that’s already happened renders it impossible to revert to earlier ways of shopping. With growth of e-commerce, the cost of going to market (GTM) for most brands in essentials, FMCG and wellness will reduce dramatically. More players will enter the market, offering stiff competition to established brands. The rate of innovation on products will be like never before Most will enjoy experimenting with new products with brand loyalty becoming a transitioning phenomenon. Customer reviews will become the new currency to build loyalty. For reasons I’ve mentioned earlier in this article, products that cue health and wellness, natural, immunity building and organic will do particularly well. The world will see more people turning to vegan and practising conscious eating. As people spend more time at home, home décor brands are likely to innovate and offer products and solutions to refresh homes on a regular basis. Healthcare and Hospitals: Telemedicine will finally become a reality. Doctors and hospitals would have adopted the digital wave like they probably never imagined. Remote robotic surgeries will become the norm, and this technology will also open up a global market for the healthcare and hospitals industry. Fitness: Home fitness will take centre stage. Fitness apps and online fitness classes will see an uptick. Products and equipments that encourage home fitness will also see higher demand on marketplaces. End-to-end online fitness solutions including delivery of health food will emerge. Entertainment: Lastly, home entertainment businesses--OTT and music streaming platforms, and online live concerts—will see growth. Advertisers and media planners will be working in an entirely new media ecosystem. OTT advertising, content partnerships, digital audio, and so forth. At last digital based economy will become a real thing that means real business. Paying for digital experiences will become a reality. Of the pandemic shouldn’t have been a part of this deal. What marketers should know These testing times call for us marketers to go beyond business as usual. These are times for us to rethink, reinvent, and experiment with models of marketing. Zero touch searches I do believe voice search will evolve faster and so will adoption of voice search devices. At DViO we have been rapidly optimising our clients’ businesses for voice search. When the industry is already projecting 50 % of searches using voice, it’s may be prudent to get your businesses optimised for voice. Content for context: Thanks to the coronavirus crisis, there has been a dramatic change this year in the lives of everybody on earth. Never before has humanity unanimously experienced feelings of fear, stress, concern for loved ones and anxiety about the future. So clearly, the old ways of communicating with consumers will be out of context, and will likely sound alien to most people. Any communication from brands needs to be viewed through the lens of the current lives of consumers. The questions that brand managers need to ask themselves are: “Am I helping? Is my communication working towards improving the lives of people--even if only a tad? Is what I am sharing adding value directly or indirectly and addressing the concerns of my consumer?” In order to align with these questions for our customers, at DViO, we are working to personalise every piece of communication to an unprecedented point of detailing the digital landscape. Authenticity: For brands, this is also the right time to pause and reflect on their raison d’être. Purpose is like the North Pole that helps navigate through the roughest of seas. Whatever shifts you plan to make to your communication and marketing strategy, go back and make sure it aligns with the core purpose of why you exist in the first place. Consumers will catch inauthentic communication faster than you can imagine. Anything you to do to simply "look good" simply won't fly. Changes in the media landscape: Online video, social media, and news content will continue to enjoy high consumption. But in addition, the media landscape will witness a new ecosystem of channels, which includes OTT, digital audio, content partnerships etc. Media plans will need to be kept flexible to adapt to changes on the go. Lastly, brands that win in the long run will connect authentically, demonstrate care for communities, and spread the much-needed positivity in the world today.

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