A post-pandemic consumerism pattern, in which consumers seek out familiar brands, will have an impact on Macau’s gaming industry, said Dr Edmund Loi, associate professor at the School of Humanities and Social Sciences of the Macau Polytechnic Institute at an online summit. .
He said consumers will become more attached to the big, familiar brands they are already attached to or may relate to in some other way.
The pandemic has also transformed people’s interests or careers, Loi said, noting that many people had started cooking or painting during lockdown, becoming better cooks and painters.
These conditions, according to the academic, have facilitated the transformation of consumption habits. Consumers now prioritize emotional factors when choosing a brand.
When this approach is applied to the tourism and leisure industry, tourists will consider and make decisions about where they can relate to, which inspire them, or which can elicit other feelings.
In addition, safety is another factor in tourists’ preferences, Loi said.
Law said that the transformation of spending habits is irreversible. While physical interaction and in-person shopping may return in the short term, in his view, people will persist in shopping online for the long term.
Despite this, he believes the physical interaction will eventually return, as some industries will not continue to work virtually for an extended period of time.
Discussing the expected recovery of Macau’s economy, which would have been heavily, if not excessively, dependent on the tourism and gaming industries, the scholar was confident, citing ITB China modeling projecting that after the Covid pandemic -19, the travel expenses of Chinese families will be between 700 and 2,800 dollars per year.
What’s more, data from the ITB also shows that mainland Chinese travel companies expect infection control measures to be the most important factor when tourists make decisions before traveling.
Macau’s efforts to diversify tourism products will also be attractive to tourists. The impact is not only regional but also international. Diversification will involve the development of non-gaming elements, so that the gradual addition of other tourism choices will attract more visitors.
The academic added that in order to further improve Macau’s tourism industry, other factors should also be taken into consideration. These include health, gastronomy, sports and culture.
Law also believes there will be more Covid-19 vaccines available as many countries research their own vaccines, while several pharmaceutical companies have already started testing new drugs to treat Covid-19.