The number of digital nomads around the world is growing at a rapid pace with each passing day. For those who are unfamiliar, digital nomads are essentially people who choose to work remotely while living in an entirely different country from their place of work. Digital nomads have constantly been increasing over the past few years as remote job opportunities have kept growing and during the Covid 19 pandemic, the number of digital nomads grew exponentially because a vast majority of jobs became remote due to the fact that many offices around the world had to close down.
There are many benefits to being a digital nomad. Perhaps one of the most significant advantages of choosing this path is the fact that a person can live in a place that has a lower cost of living such as Malaysia while working for an enterprise in Singapore. This allows the said person to earn the comparatively higher wages of Singapore while benefitting from the lower cost of living in Malaysia thereby putting them in a very desirable financial situation.
Why do People Prefer Working as Digital Nomads
There are many benefits to being a digital nomad so it doesn’t come as a surprise that a lot of people around the world prefer this career path. First and foremost, the biggest reason a lot of people prefer this lifestyle is the fact that, as mentioned earlier, it enables them to earn higher wages while remaining in a place with a much lower cost of living. This lets these people enjoy a much higher quality of life than they would’ve had if they chose to work in a similar industry within their own country.
Of course, there’s also the fact that digital nomads enjoy a great deal of freedom because they often set their own hours. They usually aren’t bound by the traditional 9 to 5 or similar schedules that most workplaces operate on and this allows them to work whenever it’s preferable to them. This is easily one of the biggest benefits of working this way because a flexible work schedule is something that many people covet.
It’s also worth noting that all digital nomads can do their work from absolutely anywhere as long as they have a good internet connection and a reliable computer or even a smartphone at their disposal. They usually don’t need any specialized equipment and can work across a variety of different industries which is why the possibilities for them are absolutely endless. This is, alongside the pandemic, was among the key reasons why there was a 50% surge in digital nomads within the US in 2020.
How has Covid 19 Impacted the Digital Nomad Market
Covid 19 certainly had a massive impact on the overall digital nomad market and was no doubt a major driving force behind the massive growth that it saw in 2020. Covid 19 made the digital nomad market grow tremendously because a vast majority of people around the globe had to shift to this lifestyle in order to make ends meet. A lot of people had to find alternative ways to acquire income after many companies and organizations shut down and this led to a massive rise in the number of digital nomads around the world.
A lot of emerging markets are actually aiming to capitalize on the rise of digital nomads by offering many kinds of incentives and even specialized visas to attract these people. Many countries are incentivizing the movement of digital nomads in order to attract the best talent.
As of right now, forecasts indicate that digital nomads are set to increase even further in the years to come. Businesses are starting to realize that they can actually save a great deal of money by offloading expensive office space and allowing people to work remotely in a much more comfortable manner. It’s also worth noting that most workers prefer this as well as it allows them to save the time that would’ve otherwise been required to commute to their place of work and also save quite a few expenses.
Digital Nomads and Their Impact in the Relocation Industry
There’s no doubt that the increase in digital nomads is going to have a significant impact on the relocation industry as well. There’s no doubt going to be an increase in demand for relocating services because digital nomads will likely be moving to many different places across the globe due to the aforementioned fact that organizations will be looking to hire the best possible talent.
A change in consumer behaviour is also to be expected. Many digital nomads who are set to become a part of the relocation industry now prefer transparent, self-managed, one-stop services that can handle each and every one of their needs from start to finish. This might drive large-scale change within the relocation industry itself because, as of right now, it’s relatively fragmented with various different services being commoditized by different providers.
According to statistics, digital nomads on average stay in one place for 9 months at most. The sweet spot for most digital nomads is 6 months but most prefer to travel after the 9-month period so it doesn’t come as a surprise that they can have a significant impact on the relocation industry because of their travel needs and requirements.
One important aspect worth highlighting here is that, in this post-pandemic time, digital nomads tend to bear a significant emotional burden when relocating to new areas. Many digital nomads often have to deal with various new restrictions and regulations every single time they move to a country nowadays because each individual country has its own method of dealing with the aftermath of the pandemic.
With all this being said, it’s no surprise that the number of digital nomads across the world is growing at a rapid pace. This growth is almost certain to have a large impact on the relocation industry as well in the years to come.
How Moovaz Can Help
With the continuous increase of digital nomads in recent times, it is important for businesses to engage with them for the better success of each company with fewer expenses and more profits.
Moovaz is a one-stop relocation platform for global citizens, including digital nomads. Are you a service provider targeting digital nomads and global citizens? Partner with us today to gain reach to your target audience.