It’s clear how much of an impact the coronavirus pandemic has had on every aspect of our lives. As this new world begins to open its doors again, and the gears start moving on the economy in several countries and regions, some industries are thriving.
A number of these industries have seen success by resorting to price gouging tactics, others by leaning into consumer needs during the crisis. Rather than defining “industries” in sweeping terms, as the World Economic Forum refers to its industry affiliations, let’s highlight the sectors in these industries that have been weathering the storm.
Here Are The Industries Are Thriving Right Now
With the world in quarantine and social unrest at its peak, users have been glued to their screens discovering more content, whether as a distraction or to educate themselves on important matters like Black history.
With theatrical releases and filming still halted due to coronavirus, streaming services like Amazon Prime, Netflix, Hulu and Disney+, to name a few, are coming out on top with the addition of new users and an increase in time spent on their platforms.
There’s no turning back from the digital revolution that has picked up speed as of late. Or so some thought. “Everyone is experiencing digital fatigue—which is real—so we are turning to tangible things,” says Andrea Bell, who tracks consumer trends for a living.
Bell says that recently, more people have switched back to paper products like stationery. She points to the 300% increase in online sales for stationery brands like Papier, and 180% increase in searches for “what to write in a ‘thinking of you’ card?”
Fido the Dog and Mitzy the Cat have been getting a lot more face time with their owners than usual as a result of shelter-in-place orders.
The pandemic has also led to an increase in pet adoptions and fostering, and a subsequent surge in orders for pet food, supplies and pet-health-related items.
12.Technology and IT services
Online tools, platforms and services are in full bloom. The companies that run, manage and troubleshoot these systems, from IT to telecommunications, ramped up their hiring to respond both to consumer and corporate demand leading this fast-tracked digital transformation.
IT and tech companies continue to thrive as they help keep remote teams working, online education platforms functioning, and e-commerce sites responding to their customers’ every need.
11.Food and drink delivery
With restaurants and bars still closed in many places, people have been relying on food delivery platforms as SkipTheDishes and Uber Eats. These platforms not only saw an increase in use and sales, but they also provided a source of income for drivers.
With liquor sales up due to more virtual Happy Hours and “quarantini” gatherings, Drizly, North America’s largest e-commerce alcohol marketplace, took off.
E-learning platforms and educational apps have been the go-to for wary working parents on double-duty with homeschooling. Platforms like Khan Academy, Scholastic and Coursera joined the EdTech surge, followed closely by tutoring companies that we’re able to quickly pivot online.
Professionals looking to sharpen their skills or add new ones to their professional toolkit have been streaming lectures from leading universities and colleges. Furloughed or laid-off workers are using these platforms to develop the skills necessary to generate income from one or more creative side hustles.
The pandemic saw many people get creative when celebrating Mother’s Day, birthdays, Ramadan, Easter and prom. With the hit to the economy, there was an instant shift toward supporting local businesses that were struggling.
Consumers contributed to a surge in gift sales, purchased from local artisans and creators on Etsy or small businesses who set up digital storefronts on platforms like Shopify.
For work or pleasure, COVID-19 completely transformed the way we communicate with one another. Video chat platforms took the cake for their ability to effectively connect teams, families and communities.
Phone calls, messaging threads, email communications and in-person events were replaced with video chat meetings via popular choices like Zoom, Google Meet and Microsoft Teams. This reliance on video chat has led to deeper, more meaningful connections.
7.Home and garden
A trip to the store and retail therapy has been replaced with a whole lot of online shopping. Companies like Wayfair and Overstock are go-to e-commerce sites for those looking to refresh their living space, while office furniture sellers like Staples have helped people adjust to their new remote working situations.
Seed companies are rushing to keep up with the demand of green-thumbed consumers who have been eager to plant vegetable gardens and stay connected with nature for their mental health.
6.Personal safety products
It’s no surprise that an industry that manufactures personal safety equipment and products would thrive during a global health crisis. Companies that produce supplies like gowns and the N95 respirator masks used by healthcare professionals, like 3M, rose to this demand.
Some tattoo shops that had to close due to COVID-19, like Chronic Ink Tattoos, pivoted to the production of personal safety materials like gloves and masks profiting frontline workers to help respond to this enormous demand on the consumer side.
5.Food and drink
Panic buying took off at the beginning of the pandemic as grocers were deemed essential services in many places. Now, grocers like Publix and Kroger are trying to keep the momentum.
Food producers are also benefiting from the time people have been spending in their kitchens. While waves of yeast, rice and flour shortages still continue, Beyond Meat, a plant-based producer of items like veggie burgers, is seeing the benefits of offering its products at Walmart and Whole Foods.
Fitness equipment isn’t the only thing people are relying on to keep their minds and bodies healthy. Amid the global health crisis and social unrest, many people, especially women, have turned to self-care rituals to cope during these difficult times. Influencers in the wellness space began providing virtual gratitude, meditation and self-care sessions to help their followers stay grounded.
Feelings of isolation and burnout have also caused people to rely more heavily on wellness and preventative measures like setting up buddy check-ins with colleagues and loved ones, building resilience, and other tactics to alleviate stress.
3.Health and fitness products
The infamous Peloton ad had made its rounds at the top of 2020; however, when the pandemic hit, closing gyms and fitness centres across the globe, people relied on in-home fitness products to keep fit. Fitness is always a priority for people around the beginning of the year, but the need to relieve stress and keep active during COVID-19 saw more people creating home gyms.
Athleisure is also having a moment as working from home during the pandemic has prompted people to swap dress pants for yoga pants.
2.Cleaning products and supplies
In line with the CDC’s guidelines for cleaning and disinfecting the home, sanitizing, wiping and bleaching has become a daily ritual. Companies like Clorox and Reckitt Benckiser rose to the challenge and were rewarded with record sales for some of their flagship products like Lysol and Dettol.
Wonder why Animal Crossing was among the top distractions during the pandemic? The gaming industry has hit a new high. Stuck inside and unable to gather with friends, more people have turned to video games to avoid social isolation.
Juggernauts like Nintendo, Twitch, Microsoft and Activision reported significant increases in revenue and attentiveness as a result of stay-home orders.
Source: | Espresso