Varney: 4 coronavirus lockdown changes that are here to stay
We’re 'plunging' into a technology-based economy and lifestyle
FOX Business’ Stuart Varney, in his latest “My Take,” argues coronavirus lockdowns will permanently change the way people work, travel, shop and entertain.
“We are coming out of the lockdown. We can see the other side,” Varney said. “And it’s going to look and feel different. It’s early but already you can see the changes coming.”
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Varney believes that employers will allow more people to work from home.
“A lot of us will want to keep working from home and many employers will be ok with that,” he said. “No commuting. Easy communication through video conferencing. Some flexibility about when you work and even what to wear!”
In this photo taken of a computer screen Wednesday, April 15, 2020, shows the Michigan Supreme Court who broke new ground by hearing two cases via Zoom video conferencing. (AP Photo/Ed White)
Varney added that this is bad for major metropolitan hubs because commuters will no longer bring in as much revenue to cities and the businesses that serve them.
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What's more, Varney said, business travel will take a big hit.
“I don't see executives jumping on flights like they used to. Why spend the money and the time when technology gets you an instant meeting?” Varney asked. “Have you seen Zoom? In a few months, it expanded to 300 million daily meeting participants. Less travel is good for executives' family life and it certainly saves money. But it’s really bad for airlines and hotels.”
| Ticker | Security | Last | Change | Change % |
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| ZM | ZOOM VIDEO COMMUNICATIONS INC. | 61.65 | +2.11 | +3.54% |
| AMZN | AMAZON.COM INC. | 179.51 | +2.29 | +1.29% |
| NFLX | NETFLIX INC. | 577.51 | +22.91 | +4.13% |
Varney believes online shopping will remain a major part of retail.
“During the lockdown, we turned to the online guys, especially Amazon,” he said. “The virus clearly accelerated a trend that was already in place. It’s not going to be completely reversed. Think what a difference this is going to make to our daily lives.”
Lastly, Varney said, the streaming lifestyle will remain a permanant fixture.
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“During the lockdown, we took up streaming big time. Netflix leads the pack with a constant flow of new, original content and we've been lapping it up!” Varney said. “That's another trend that's here to stay and another shift in lifestyle.”
Varney believes society is "plunging" into a technology-based economy and lifestyle, whether we like it or not.
“It adds up to a real shift for all of us,” he said.