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Revenge spending in the time of coronavirus

There is a trend in China wherein businesses and store owners of shops and boutiques are expecting to happen soon as global lockdown ends, with the hopes that it will help them bounce back from financial losses from the COVID-19 pandemic.

Chinese businessmen and entrepreneurs believe that people are hungry for shopping and they will spend any amount to feed those hunger. They’re predicting that after months in lockdown, people will go out on ‘revenge spending’.

And I guess that’s expected to happen also here in the Philippines.

In Metro Manila, on the first day of eased lockdown, Saturday (May 16), people rushed outside of their homes and run in groceries and malls like there’s no health crisis. Photos of crowded malls and cars in traffic standstill are trending on social media. They don’t seem to be bothered of the ‘second wave’.

For some people, it’s reasonable to go out and buy for food and essential things this time around. Because nobody knows how long we can survive this pandemic, people are taking this opportunity to replenish stocks or buy things that they missed out while being stuck at home.

But, is it logical to allow movements during these time when there’s no vaccines available yet that can stop the transmission of COVID-19? Haven’t we learned from the few countries that were able to lift lockdown orders only to discover days later that there are more cases reported of the virus spreading after lockdown suspension?

I think our government, particularly the IATF, and private establishments should be more stricter in enforcing MECQ protocols.

On the business side, it looks good. Revenge spending will give an opportunity to store owners to recuperate from the losses even if it’s going to be gradual. And we have to admit it, revenge spending is also good for the economy.

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