Yeast, horticulture and other industries are booming in North America, driven by the "boredom economy"

By limiting social interactions , leisure activities, and travel, the pandemic has forced many people to live quieter lives, creating a collective consciousness that has reshaped people’s work and purchasing habits and even changed productivity.

The consumer confidence index is an economic indicator that measures, in part, people's optimism about the future. A related measure that may help predict market fluctuations or home renovation trends: the boredom index.

But during the pandemic , millions of people are busier than ever . Nurses , grocery store employees and other essential workers have experienced little of the lockdown drudgery . Women who have left the workforce to care for children who can’t go to school are often exhausted and overwhelmed .

In some ways, boredom is a luxury that those who have little or no time for it can appreciate.

Boredom is often a sign that something isn’t making sense, said Erin Westgate, an assistant professor of psychology at the University of Florida . Emotions, she said, “ act as these rapid, automatic signals that provide feedback for what we’re doing. In the case of boredom , it’s a way for our body and mind to remind us that something is wrong. ”

According to government data, nearly a quarter of people employed in January were working remotely or from home because of the pandemic .

Early in the pandemic lockdowns, foot traffic to places where people go for entertainment, such as movie theaters, restaurants and museums, fell by more than 50%, but remains about 25% below pre-pandemic levels, according to an analysis by SafeGraph.

A study conducted in May, the National Pandemic Emotional Impact Report, found that 53% of people surveyed said they were more bored during the pandemic than before.

Ms Westgate said being bored could lead to different behaviours, such as increased novelty seeking and heightened sensitivity to rewards.

Early in the pandemic , enthusiasm for bread-making prompted stores across the country to sell sourdough . Jigsaw puzzle sales soared. Gardening became a hobby. Scotts Miracle-Gro sales rose more than 30% to a record $4.13 billion in the fiscal year ended in September , and consumer boredom prompted the company to run its first Super Bowl ad.

Home improvement is also booming . In the six months ended November, 81% of U.S. consumers bought home improvement products, according to the NPD Group. Sherwin-Williams said its fourth-quarter and annual sales were all-time highs, in part because consumers are embracing do-it-yourself home refinishing.

Sales are also up for things like video games that keep consumers busy and can help relieve pandemic stress, including boredom at home, as well as self-help books, candles and massage appliances . Sales of toaster pans have soared nearly 60% in the past year.

The boredom of the pandemic may be changing the direction of the economy.

Companies must be able to capture consumers' time and attention in order to succeed in the new competition and shift from a product and service economy to an experience economy model.

As people get used to DIY experiences, companies can no longer just compete on products and services. They must create meaningful experiences for customers.

This may be the only way for businesses to compete and survive in the experience economy brought on by boredom.

North America

yeast

gardening

Boredom Economy