Homeconomy

At the height of the new coronavirus outbreak, countless people are stuck at home, and most have been unable to enjoy their leisure activities.

It is said that online games and online workouts are the flagship products of the new ‘homeconomy’ that allow citizens to enjoy their leisure time.

Homeconomy is a combination of the English word “home” and “economy.” It refers to an economy that targets the consumption of people confined to their residence who spend all of their leisure time there.

Those stuck at home are not just enjoying games on personal computers, but are doubling their fun by engaging in online activities.

While it can get boring exercising alone for a long time, using equipment such as a stationary bicycle or treadmill, when connecting online, people can have fun competing against others around the world.

Meanwhile, the COVID-19 outbreak is not just about revitalizing the existing homeconomy, the pandemic has even expanded the definition of the word itself.

In order to prevent the spread of COVID-19, a number of sectors were incorporated into the homeconomy through telecommuting, including the opening of online schools with the aim of maintaining social distancing.

The U.S. IT giant Microsoft Corp. said in a recent report on remote work that video conferences using its Microsoft Teams collaborative communications hub increased more than 1,000 percent in March.

For example, on March 31 alone, the use of the Teams video conference reached a new high of 2.7 billion minutes, compared to only 900 million minutes on March 16.

One of the reasons why video conferencing has become so popular is that people can communicate almost face-to-face when their work is sensitive.

Mobile device-based usage, such as smartphones and tablets, also increased noticeably. From early February to March 31, the number of mobile users increased by about 300 percent.

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