The theory of a permanent fall in demand for durable goods

It is reasonable to think that the coronavirus crisis will leave behind a legacy of: High risk aversion and higher borrowing costs, leading to deleveraging; A fall in international mass tourism; More stringent climate and environmental regulations. All this can be expected to lead to a permanent fall in demand for durable goods in the broad sense: housing investment, corporate investment, purchases of cars, aircraft and large household capital goods. Such a development, should it be confirmed, would have significant consequences: Problems for countries where the weight of construction, intermediate goods, capital goods and transport equipment is high; Persistently weak commodity prices (energy, metals); Increased labour market polarisation, given the growth of IT, e-services and e-commerce on the one hand and the growth of personal services on the other.