For his Independent Study on American Consumerism this past semester, MBS junior Ethan Hong ’21 focused on the impact of Coronavirus on various industries in the U.S. economy.
Hong, who worked with MBS faculty member Renee Kenny on the independent study, began his presentation by looking at the latest statistics. He stated that the unemployment rate is currently 14.7 percent and said that the Federal Reserve Bank predicts a 42.8 percent decrease in economic activity from April to June.
He then took a closer look at certain sectors and industries including airlines, the retail industry and malls, technology, restaurants, movie theaters, live sports and e-sports, tourism and hotels.
He offered a grim outlook for certain industries (malls, movie theaters) while predicting that others (technology and tourism) will boom when the pandemic ends.
Hong concluded his presentation by saying, “Through this unprecedented time, life will change as we know it. COVID-19 will not only be remembered as a pandemic, but something that will change the U.S. economy forever. It has accelerated some industries while decimating others.”