If we didn’t know it before, now we know—old ways of thinking about money are irrelevant. COVID-19 has disrupted the whole world in ways we never before imagined. As we navigate the consequences of a global public health crisis, our economy and financial markets reflect the general air of uncertainty in our short-term and long-term prosperity.
The U.S economy thrives when consumer spending is high. And while capitalism encourages consumer spending, having meaningful employment and thriving businesses is what makes consumer spending possible.
In the six weeks after mid-March, the total U.S. unemployment claims reached 30 million. In what seemed like overnight, consumer spending habits shifted dramatically, with less spending and people making bulk purchases and ordering necessities primarily online.
And while the job market has shown some improvements in May, we have a way to go to fully recover. Even before COVID-19 was a household name, many people in the U.S. sought out the American dream through multiple revenue streams.
But what happens business investments and paid work declines? How can we make money work for us in an environment where work to get the money is scarce?
It’s time to adapt to the new norm and be creative in supporting people. Help them find relevant discounts and offers that can help them save money at a time when they need it the most.
Now more than ever is the time for businesses to find ways to prioritize connecting with their customers in an authentic, genuine way—a way that saves them money today and in the future.
Brianna McGovern is a versatile lead contributor in product management and marketing at YamaPay. These days, she spends most of her time as a software engineering intern at Seagate Technology. Brianna specializes in early-stage development and solving real consumer issues. She holds an M.S. degree in Engineering Management and Leadership and a B.S. in Computer Science and Engineering from Santa Clara Univerisity.
You can send a message to Brianna on LinkedIn.