On this episode of How To Money, hosts Joel and Matt discuss how the coronavirus pandemic has changed several industries, and whether those changes will last, and talk practical financial tips about cutting expenses, what the housing market is doing, and their cautious optimism about reopening businesses – mainly because the businesses that have chosen to reopen are taking extreme precautions to keep their employees and guests safe. They also get excited that people are finally interested in the things they like – “and it only took a pandemic,” Matt jokes – as they tell us about the rise of bike riding and how being frugal is cool again.
Some interesting business shifts due to the coronavirus include some breweries partnering with distilleries to turn stale beer, which would otherwise have been drained and wasted, into whiskey. Many companies are realizing that a majority of their workforce could continue to work from home post-pandemic, which will affect everything from daily commutes to commercial real estate. Bike shops are overrun with repairs and many models are sold out as more and more people are taking up bike riding to get out of their houses and enjoy the spring weather – “now is a perfect time to sell an old bike,” Joel points out. And while more people are reluctant to buy a house right now, it appears prices on homes are actually going up, rather than down. Joel explains that less people are listing their homes, so though demand is down, supply is way down, causing prices to rise.
Another thing on the rise is frugality: Due to the quarantine measures, people are being forced to save their money rather than spend it at bars and restaurants. The question is, will that become a regular habit in American society? After the Great Depression, saving, reusing, and limiting waste was second nature to an entire generation; but similar effects weren’t seen after the Great Recession, so perhaps society will return to its spendthrift ways once the crisis has passed. But if not, what effects will that have on businesses? For example, the Trolls World Tour movie made $100 million dollars on streaming services, even more than the first film made at the box office. Though it was offered at a premium streaming price of $20, that’s still a huge savings for the average family in terms of going to the movies. Should movie theaters be worried? Get into all this as well as cost-cutting tips and more on this episode of How To Money.
If you want to be sure you're listening to the podcasts everyone else is checking out, iHeartRadio has you covered. Every Monday, iHeartRadio releases a chart showing the most popular podcasts of the week. Stay up to date on what's trending by checking out the chart here. There's even a chart just for radio podcasts here, featuring all your favorite iHeartRadio personalities like Bobby Bones, Elvis Duran, Steve Harvey and dozens of others.
Photo: Getty Images