You Only Live Once! It is a bit of a millennial motto, and perhaps in the wake of the COVID-19 pandemic, one being picked up by other generations as well. Who knows what tomorrow will bring, goes the thinking, so we might as well make the most of the life we have right now. Most recently, the concept of YOLO has expanded into the idea of a “YOLO Economy,” as per discussions on Reddit and an article in The New York Times.
The gist of it is that, postpandemic, many millennials will have a wad of cash in their pockets and be fired up for life’s adventures, rather than the drudgery of the 9 to 5. The combination of the two forces and the decisions they’ll spark will have big economic consequences in the short term, and perhaps over the longer term as well.
Although the concept of the YOLO economy has so far been applied to the United States, there are certainly reasons to think we will also see some influence in Canada.