Coronavirus Killed the Modern Aspiration Economy. Here is What Comes Next.

How fragility of the modern aspiration economy reveals the future of spending

A few months ago, the second biggest air travel story was Qantas’ first 19-hour direct flight from New York City to Sydney. The first one was about the woman who reportedly reclined her seat too far. Fast forward, and air travel is at standstill. Getting on any plane, full reclined seat in front us and all, feels like a fond memory.

Coronavirus is perhaps a fitting crisis for the modern aspiration economy. With uncanny precision, it targets all its tenets: travel, tourism, dining, experiences, leisure, art and culture, and the luxury industry. In less than a fortnight, it exposed the vulnerabilities of trading in social, cultural, and environmental capital. “Access over ownership” and “experiences over possessions” make great sense if there is access and experiences to be had. Once the NYC galleries, theater, restaurants and fitness and nightclubs closed, and all the rich fled to the Hamptons, the city’s social, cultural, and environmental capital went to zero. Having a spacious apartment and a nice furniture counts in the days of Zoom more.

Along with intangibles like access, experiences, and knowledge, the modern aspiration economy also created a cultural class unto its own. Oriented…