[New Word Dictionary] Qconomy - The Landscape Changed by COVID-19

Qconomy is a neologism combining the letter Q from Quarantine and Economy, referring to the economic changes following quarantine and lockdown measures due to COVID-19. Illustration by artist Oh Seong-su

[Asia Economy Reporter Kim Heeyoon] Amid restrictions on overseas travel in various countries due to the impact of the novel coronavirus infection (COVID-19), a travel product that circles over the destination country’s airspace and then returns has been developed, attracting attention. Taiwan’s airline Tigerair, in collaboration with the Korea Tourism Organization, launched the Jeju airspace travel product “Jeju Virtual Departure Travel,” which is scheduled to depart from Taipei Airport on the 19th, fly over Jeju Island’s airspace without landing at Jeju Airport, then circle back and return to Taiwan. Instead, passengers can enjoy a program on board where they wear hanbok and experience Korean traditional games. The well-known foreign favorite, chimaek (chicken and beer), is served as in-flight meals. A similar product has been released in Japan and is popular. ANA (All Nippon Airways) offered a product where the destination is listed as Honolulu Airport in Hawaii, but in reality, the plane flies for 90 minutes over the airspace near the takeoff point and then lands at the same airport. ANA explained that 520 people applied, resulting in a competition rate of 110 to 1. The aircraft used for this flight features special paint depicting Hawaii’s sky and sea, and the flight attendants greet passengers wearing Hawaiian shirts, creating a unique travel atmosphere.

“Qconomy” is a neologism combining the letter Q from Quarantine and Economy, referring to the changes in the economy following quarantine and lockdown measures due to COVID-19. The pandemic has hit face-to-face consumer sectors hard, while non-face-to-face based industries have shown growth, forming a new consumption environment. The aforementioned stationary flight product is also an aviation industry measure adapted to the COVID era. According to industry insiders, with the launch of this product, airlines can save on aircraft maintenance and storage costs, and pilots operating the A380 can maintain their qualifications under aviation safety laws that require them to experience takeoff and landing at least three times within 90 days. Meanwhile, the International Air Transport Association (IATA) predicts that a full recovery of the aviation industry will not be possible until 2024 at the earliest.

Example

A: Around this time last year, I was in Singapore with my parents. I wonder when we can go again.
B: Yeah. I’m almost forgetting what traveling feels like. Just passing by the road to the airport used to make me excited.
A: These days, programs where you take a stationary flight are popular. Just to enjoy the feeling of flying.
B: I want to ride that at least and get a bit of a lift. I think many parts of our lives have changed since COVID.
A: They call it Qconomy. We should carefully watch how things change. Meanwhile, wear your mask well and wash your hands thoroughly.