{"id":216939,"date":"2021-12-17T13:53:46","date_gmt":"2021-12-17T18:53:46","guid":{"rendered":"http:\/\/www.montclair.edu\/newscenter\/?p=216939"},"modified":"2021-12-17T13:53:46","modified_gmt":"2021-12-17T18:53:46","slug":"experts-share-predictions-for-2022","status":"publish","type":"post","link":"https:\/\/www.montclair.edu\/newscenter\/2021\/12\/17\/experts-share-predictions-for-2022\/","title":{"rendered":"Experts Share Predictions for 2022"},"content":{"rendered":"

As we round the corner into a third \u201cunprecedented\u201d year of the coronavirus pandemic, it can be hard to guess what\u2019s to come in the months ahead \u2013 but luckily, we know just the folks who can fill in those gaps.<\/p>\n

Our experts share their predictions for what we can expect in the new year. Check back this time next year to see how accurate they were\u2026<\/p>\n

Housing Market in 2022<\/h2>\n
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\"Kevin
Kevin Riordan<\/figcaption><\/figure>\n<\/div>
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If you thought the housing market was wild in 2021, next year won\u2019t be all that different \u2013 for the most part. Kevin Riordan, real estate expert and clinical specialist of Accounting and Finance, offered his forecast for 2022.\n

\u201cHousing prices continue to rise but more due to supply constraints,\u201d Riordan says.<\/p>\n

On the other hand, Riordan explains, existing homeowners have seen their neighbors successfully monetize their equity by selling. \u201cMore of them will want to do that. Thus, more homes may become available for sale. If the supply increases, housing prices could be curbed.\u201d<\/p><\/div><\/p><\/div>Another silver lining: Riordan says those who are able to nab a home and can get a fixed rate mortgage can lock in the same payment for the length of the loan while the Federal Reserve is raising interest rates.<\/p>\n

Renters may not be as lucky in 2022. \u201cRising inflation may have a deleterious effect on those who rent,\u201d Riordan says. \u201cWhile rent growth has been slowing down as we approach the winter months, the national median rent has increased by 17.8% since January 2021. In comparison, rent growth was 2.6% in the pre-pandemic years of 2017-2019 when inflation ran much lower.<\/p>\n

\u201cIf more of those owners who wish to sell in 2022 are successful, the demand for apartments could intensify and push rents higher.\u201d<\/p>\n

Retail and Consumer Behaviors in 2022<\/h2>\n
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Manveer Mann<\/figcaption><\/figure>\n<\/div>
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Buying looked very different in 2021 from years past, but there are more changes still to come.\n

Manveer Mann, assistant professor of Marketing, says companies may focus more on green and sustainable goals. \u201cSustainability initiatives will continue to become more important as climate change becomes a concern for a growing number of people,\u201d Mann says.<\/p>\n

\u201cConsumers will also continue to prioritize wealth and well-being, and among some segments a slow pace of life will be preferred.\u201d<\/p><\/div><\/p><\/div> Mann also predicts retailers will do whatever they can to create \u201cexperiences\u201d as part of their marketing, especially when targeting shoppers in stores. \u201cExperiences will continue to become more important for consumers when in a physical retail space.\u201d<\/p>\n

Athletic apparel retailer Lululemon is one example, \u201coffering yoga and\/or meditation classes within the store,\u201d Mann says. \u201cYou can book time to shop within the store and participate in the classes.\u201d In sum, a positive experience that elevates the shopping environment.<\/p>\n

U.S. and Global Economy in 2022<\/h2>\n
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\"Luis
Luis Portes<\/figcaption><\/figure>\n<\/div>
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\u201cSupply chains,\u201d \u201cinflation\u201d and other buzzwords populated countless news stories in 2021, and the coming year will continue to see them in top headlines.\n

\u201cThe U.S. economy will continue its speedy recovery from the blow that COVID-19 brought about in 2020,\u201d says Luis Portes, professor of Economics. \u201cFrom a peak of 14.8% unemployment rate in April of 2020, we now stand just above 4% as of November 2021. This is not far from the 3.5%, 50-year low reading from February 2020.\u201d<\/p><\/div><\/p><\/div> \u201cAs to whether the omicron variant will take us two steps back in labor market participation reticence and factory closings\/clean ups, which reduce our productive capacity, we still have to see \u2013 let’s hope not.\u201d<\/p>\n

Portes adds that COVID-19 pointed out not only the weak points in global public health, but also in how we run our economies. \u201cOne of these was the overloaded and understaffed supply chains,\u201d he says. \u201cPolicies aimed at enhancing port operations have yielded positive results by decongesting the better known cases, such as the port of L.A.\/Long Beach.\u201d<\/p>\n

And finally, what can we expect with regards to inflation? \u201cThe resurgence of inflation will depend on whether we can carry on with the recovery, or if omicron (or further mutations) will put the service sector on hold and household spending is channeled to manufactured goods, which need well-functioning supply chains to find their way to our homes,\u201d says Portes.<\/p>\n

Travel in 2022<\/h2>\n
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\"Jack
Jack Samuels<\/figcaption><\/figure>\n<\/div>
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Jet-setters will be motivated to put their miles to use after this 2022 outlook from marketing professor Jack Samuels. He recently shared predictions for travel and tourism with Wallethub.com, so bookmark these tips as you book your trips.\n

In the immediate future, winter travel will be quite strong. \u201cPeople definitely have COVID cabin fever and are eager to get away,\u201d Samuels says, adding that destinations offering snowsports will be popular, given the outdoor element. The same fervor for outdoor activities will likely apply to summer bookings.<\/p><\/div><\/p><\/div>The top destinations, Samuels says, will be those that:<\/p>\n