- “When people feel safer to spend, or more importantly, when the pandemic is kept at bay, the economy is more likely to have a quick recovery. Not to mention the lives that will be saved.”
With the second wave of Coronavirus taking a toll, the implementation of COVID-19 SOP’s such as mandating masks could prove beneficial for the business and economy.
As per a study conducted by the Washington University U's Olin Business School, consumer spending increased by five percent on average in communities where masks were mandated.
The study researchers found that the greatest impact was on businesses such as retail, restaurants and bars. “The findings exceeded our expectations and show that we can have a strong economy with strong, commonsense public-health measures," Raphael Thomadsen, Olin professor of marketing and a co-author of the study, said in a statement. "Mask mandates are a win-win."
The study analyzed the impact of social distancing and mask mandates on the spread of Covid-19 as well as on consumer spending, found that consumer spending is reduced by social distancing, however, the result is reverse with mask mandates. The study revealed that social distancing among communities drop where communities had mask mandates, that positively effect consumer spending.
“Preventive measures such as social distancing and facial masks should be considered as pro-business,” said Song Yao, associate professor of marketing at Olin and a study co-author. “When people feel safer to spend, or more importantly, when the pandemic is kept at bay, the economy is more likely to have a quick recovery. Not to mention the lives that will be saved.”