[Asia Economy Reporter Ji-hwan Park] Since the first confirmed case of the novel coronavirus infection (COVID-19) in South Korea on January 20th this year, the unfamiliar term 'untact culture' has emerged.
This phenomenon quickly changed the lives of South Korean citizens. Experts say that COVID-19 has already transformed many aspects of everyday life, and they expect these changes to remain largely unchanged going forward.
First, office workers had to adapt to the unfamiliar environment of 'working from home.' Although the work-from-home system had been discussed as an innovative approach to work methods alongside flexible working hours, actual implementation was rare. It was often perceived as a work style only practiced by some startups.
However, due to COVID-19, office workers were suddenly able to experience the work-from-home system. While some reported difficulties concentrating on work, many more shared experiences of saving time and energy by avoiding commuting, which significantly increased work efficiency.
Students also had to meet their teachers through monitors at home instead of attending school. This was a new world they had never experienced before, with reduced commuting time, comfortable clothing, and flexible class schedules. Parents also had the advantage of being able to directly observe their children's reactions during lessons.
In the stock market, online-based business sectors have greatly benefited since COVID-19. With outdoor activities restricted, online education stocks have rapidly emerged as alternative stocks in the untact (non-face-to-face) era. In the United States, attempts to conduct online classes through platforms like Google Classroom and Zoom continue. Zoom's stock price rose more than fivefold from $68 at the beginning of the year to $370 recently. In South Korea, as elementary, middle, and high school attendance was disrupted, online education stocks such as Ice Cream Edu, MegaMD, and NE Neungyule saw significant increases.
As a counter-movement to the stay-at-home culture, new attempts are increasing in the education market. Previously, most classes were offline 'one-day classes' involving participation with children, but now, through the new concept of 'education kits,' online education content combining the advantages of offline classes is attracting great interest.
For example, 'Philip & Noah,' a company specializing in art classes, cooking classes, and play classes, offers kits such as the Super Vending Machine Kit, Telephone Piggy Bank Kit, Hand Mirror Kit, and TV/Smartphone Stand Kit, allowing parents and children to enjoy an experience as if they were attending a live class together at home through videos. This company also operates an art playground at offline stores to help children's imaginations grow vigorously.
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