These Items Will Be More Expensive After Coronavirus
You may kick yourself for not buying these items sooner, because their prices are about to skyrocket.
The coronavirus pandemic has sent nearly every industry into a state of frantic change, with restaurants and small brick-and-mortar stores shuttering left and right. However, for a select subset of products and services, a sudden uptick in demand has led to dramatic price shifts—and not in the consumer's favor. Want to know what you'll be paying through the nose for in the near future? Keep reading to discover which items economists say will be more expensive after coronavirus. And for more insight into how the pandemic is changing the retail landscape, check out these 7 Things You Won't See at Retail Stores Ever Again After Coronavirus.
Tickets to events
From baseball games to concerts, tickets to live events are going to be a whole lot pricier in the near future.
"There will be a lot of pent up demand for sporting events, concerts and shows," says Prateek Agarwal, creator of Intelligent Economist. "I expect that once people are vaccinated, they will want to relive those pre-pandemic experiences to the fullest." Want to know when you'll be singing along to your favorite songs again? Here's When Experts Say It'll Be Safe to Go to a Concert.
Hoping to score a deal on the latest phone or tablet? You might have to wait for quite a while for prices to come down again.
"Based on the promotional activity we're observing in the retail industry, we predict that utilitarian retail [including] electronics are likely to see continued demand and pricing resilience," says Jordan Elkind, VP of retail insights at customer data platform Amperity.
While many industries have been hit hard by the coronavirus pandemic, there's been increased demand for beauty products amid COVID-19, which some economists predict will cause to a rise in pricing, as well.
According to Amperity's Retail Monitor, the health and beauty markets saw year-over-year growth of 128 percent as of late April, with the increased demand for these products triggering an uptick in prices.
While meat may be slowly but surely returning to grocery store shelves, those steaks and chops won't come cheap. According to a May 2020 report from CoBank, retail prices of beef and pork products could be as much as 20 percent higher than last year.
If you rushed out to buy a treadmill when those stay-at-home orders hit, you're in good company.
"Since mid-March, we've seen consistent increases in consumer spend across home and lifestyle categories for things like sporting goods," says Erika White, head of communications and corporate marketing at online point-of-sale financing company Affirm. This will likely prompt an increase in fitness equipment pricing, too.
So, just how much has demand risen? According to a Mar. 31 report from Adobe Analytics, online orders for fitness equipment rose 55 percent between Jan. 1 and Mar. 1 alone. And if you want to stay healthy, make sure you know The One Exercise That Makes Your Coronavirus Risk Skyrocket.
Home office equipment
However, home gyms are far from the only household investment people have been sinking cash into—or the only products that will likely rise in price post-pandemic. From standing desks to computer monitors, home office equipment is likely to be a whole lot costlier in the near future.
White says that home office equipment orders jumped 200 percent in April alone and that economists "expect these categories to continue to be in high demand even as people get back to a semblance of normalcy."
Since many people are spending the majority of their time at home, having a well-furnished space has never seemed so important. And with the rise in demand will likely come a rise in prices.
"Americans have been focused on purchasing items that make their homes more comfortable to live," including furniture, says White. According to a press release from online home goods retailer Wayfair, the company saw more than double their average annual year-over-year sales increase in April. And if you're looking for some items you can get for a song, These Items Will Be Cheaper After Coronavirus.