A glimpse of the Roaring Twenties

This Halloween season witnessed a huge tragedy in Seoul, South Korea. At least 154 lives, most of whom were young people in their teens and 20s, were lost in a stampede in narrow alleyways lined with bars and clubs. This is the first Halloween festival since the COVID-19 pandemic restricted revelries in the nation’s capital.

Investigation is under way to uncover what led to this crush. There are speculations including a gas leak, a fire or a celebrity sighting that might have triggered the stampede. South Korean authorities promised a thorough investigation into this disaster and implement necessary changes to prevent such an accident from happening again.

Rescuers at the scene of a deadly stampede in Seoul, South Korea, on Oct. 30. Xinhua

But one thing is for sure: There should not have been so many people allowed into such narrow spaces. Many things can go wrong when a crowd is concentrated in a small space. Authorities and organizers should always be on the alert when such events are taking place. Participants need to stay vigilant about their surroundings on such occasions.

Just one year ago on April 30, 2021, at least 45 people were crushed to death in a stampede at a mass gathering where crowds were celebrating the Lag B’Omer holiday at Mount Meron in Israel, despite the fact that the country’s health ministry urged people not to attend the festival for fear of another coronavirus outbreak.

There is a natural psychological need for people to go out, gather and celebrate after the lockdowns and quarantines. People subjected to prolonged suppression, whether by natural disasters, disease, or human-made misfortunes such as wars, will seek an outlet when occasions allow.

People use the term Roaring Twenties to describe the Western society in the 1920s. Characterized by new freedoms in social, economic and cultural aspects of life, the Roaring Twenties is often synonymous with pleasure seeking and people having a good time after the four-year devastation of World War I.

One century later, the COVID-19 pandemic has inflicted economic and psychological pain worldwide for almost three years. Lockdowns and quarantine isolations continue to take a heavy toll around the globe, depriving people of so much pleasure outside their homes.

Despite the convenience of the internet, mobile phones, VR and AR gadgets in the world of metaverse, there is no real substitution for face-to-face interaction, outdoor activity and crowd gathering.

Pent-up demand will later surge in the form of “revenge consumption” in economy. Social and cultural aspects of life are impacted in a similar way. In the United States where the COVID-19 rules are mostly relaxed, we have already seen overbooked cruise lines, fully-seated sports stadiums and packed airports.

A whopping 192 U.S. airports already have assigned more seat capacity this summer than in the pre-pandemic summer of 2019, although total U.S. capacity is still down by 128 million seats.

Currently, the world economy is still reeling from both the pandemic and high inflation. However, the impulse to return to some forms of normal may get ahead of itself from time to time.

When in due course people emerge out of the spells of these two demons, there will be a strong, and maybe sometimes explosive, reverting to the way things were. Reason and common sense can always be our guidance in making the best out of our lives.

(The author is an independent financial investor.)