These Items Will Be Cheaper After Coronavirus
The prices of these goods are plummeting due to COVID-19.
The coronavirus pandemic has left countless necessities in short supply, sending the prices of everything from toilet paper to hand sanitizer skyrocketing in recent months. However, while some staples have become perplexingly cost-prohibitive amid COVID-19, other goods and services are seeing sudden price drops that may continue for the foreseeable future. Want to know what you can save on? Read on to discover which items economists say will be a lot cheaper after coronavirus. And for more good news, check out 5 Shocking Things That Could Change for the Better After Coronavirus.
If you're hesitant to spend hours in a metal tube with strangers during a pandemic, you're far from alone. In fact, on May 31, there was a 2.2 million-plus drop in the number of passengers who went through TSA checkpoints compared to the same date the year prior. As such, economist Milos Djordjevic, co-founder of Save My Cent, says "Travel, in general, will be cheaper, because people will be reluctant to travel because of the fear of COVID-19." And for more insight into how your travel plans might change, discover these 13 Things You May Never See on Airplanes Again After Coronavirus.
Looking to book a hotel room for next year's vacation? Doing so may be a whole lot cheaper than you expected. "With fewer guests this summer, hotels will compete with each other to attract more tourists [and] will offer cheaper prices for their services," says Djordjevic. And if you want to know how your next vacation will be different, check out these 8 Things You May Never See in Hotel Rooms Ever Again.
The meat shortages spurred by the pandemic aren't likely to subside anytime soon, but the foods that make up the remainder of your grocery bill may be significantly cheaper than you were expecting. "The supply is increasing, but demand remains the same," explains economics expert Sudip Samaddar, CEO of Imagisales Solutions.
Samaddar explains that not only have many new companies opened during the pandemic to address food shortages, but now that food is no longer being hoarded en masse, there will actually be more food products available than people can consume, leading to lower prices. And if you want to know what you can expect when you go shopping again, discover these 7 Major Ways Walmart Won't Be the Same After Coronavirus.
If you want to stock up on a new wardrobe or get your little ones some new duds for the coming year, the next few months are definitely the time to do so. Following the pandemic, "discretionary categories—apparel and jewelry in particular—are likely to see continued price erosion and discounting," says Jordan Elkind, vice president of retail insights at customer data platform Amperity.
Diamonds are rarely cheap, but thanks to the pandemic, they're a whole lot less pricey these days. In fact, according to the Diamond Prices Index, as of May 1, diamonds had hit their lowest prices since 2009—a decrease of 4.5 percent in the past month alone.
Whether you're looking to buy your first home or are just eager to upgrade to something bigger, the coronavirus pandemic will shift real estate prices in the buyer's favor for the foreseeable future. "I expect to see small investment properties coming on the market at fire-sale prices later this year or early next year," says John A. Kilpatrick, PhD, managing director of Greenfield Advisors and a director of the Washington State Economic Development Finance Authority.
Kilpatrick says that renters may be in luck, too: "There is no upward pressure right now, and in fact, landlords will compete to keep tenants in place."
With many companies indefinitely moving to work-from-home setups, many office buildings are struggling to find tenants. "I expect the prices for commercial office space to decrease," says economist Prateek Agarwal, creator of Intelligent Economist. "Many small businesses will shut down, leaving a lot of inventory on the market, and the ones that last will seriously evaluate the need for rent and associated expenses." And for more insight into how your work life could change, check out 5 Things You'll Never See in Your Office Again After Coronavirus.