The worldwide coronavirus pandemic will change the way we shop, travel and work for years to come. History shows us how

In a matter of weeks, people in affected areas have become accustomed to wearing masks, stocking up on essentials, cancelling social and business gatherings, scrapping travel plans and working from home

Even countries with relatively few cases are taking many of those precautions

Reading Time:4 minutes

People wearing protective face masks lined up in front of a supermarket in Milan on March 12, 2020. Photo: EPA-EFE

Published: 12:50pm, 15 Mar 2020Updated: 10:26pm, 15 Mar 2020

Every economic shock leaves a legacy. The deadly coronavirus will be no different.

The great depression spurred a “waste not want not” attitude that defined consumer patterns for decades. Hyperinflation in the Weimar Republic still haunts German policy.

The Asia financial crisis left the region hoarding the world’s biggest collection of foreign exchange. More recently, the 2008 global financial crisis drove a wedge through mature democracies that still reverberates, with workers suffering measly pay gains in the decade since.

This time it’s a public health emergency that’s shaking up the world economy. In just a matter of weeks, people in affected areas have become accustomed to wearing masks, stocking up on essentials, cancelling social and business gatherings, scrapping travel plans and working from home. Even countries with relatively few cases are taking many of those precautions.

Traces of such habits will endure long after the virus lockdowns ease, acting as a brake on demand. On the supply side, international manufacturers are being forced to rethink where to buy and produce their goods – accelerating a shift after the US-China trade war exposed the risks of relying on one source for components.

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