The Latest Trend in the Post-Pandemic New Normal: Rise of Experiential Services
Starting from April 2023, the fee for a one-year Business Registration Certificate (BR) will beincreased from the HKD $250 to HKD $2,150. While the cost increased may not deter aspiring entrepreneurs, it indicates that the government expects the economy to return to normal soon and will phase out post-pandemic support for various industries.
In this post-pandemic new normal, which industries hold promise for new entrepreneurs?
Keep Up with the Rental Market Trends
Generally, when the economy is good, rental prices rise, and when the economy is bad, rental prices drop. However, the economy does not automatically recover, and it needs people to drive it forward. The pandemic has led to business closures and remote work, resulting in high vacancy rates in commercial buildings and office spaces, which has created an unusual situation of falling rental prices. For aspiring entrepreneurs with dreams of owning a business, the time is ripe to look for affordable rental spaces. In this post-pandemic new normal, seize the opportunity to enter the market at a low cost.
Rise of Experiential Services
As life and the economy return to normal, certain pandemic-related businesses such as those selling personal protective equipment and IT-related industries are no longer in demand, and consumers are no longer solely reliant on online shopping.
Aside from traveling, one of the things people are most looking forward to after lockdown is the opportunity to interact with others in person.
Recently, many non-chain gym rooms have opened, including the city’s first women-only fitness room and Pilates-themed workout studios. Stretching exercises, yoga, and aerial yoga are also popular, with many yoga trial classes available for under $100.
Compared to online yoga classes over Zoom, attending in-person classes with friends and a personal instructor can provide an added boost of motivation. By sweating it out together, people can enjoy the fun of face-to-face social interaction.
Entrepreneurs with relevant experience in these areas can take advantage of the double advantage of increasing market demand and falling rental prices.
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