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.
Many 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 that Are Thriving Right Now
15. Streaming services
The streaming services industry is thriving right now. Companies such as Netflix, Hulu, and Amazon Prime Video are all expanding rapidly. This is due in part to the growing demand for streaming content. In addition, these companies are investing heavily in original content. This is helping them to stand out from the competition. are coming out on top with the addition of new users and an increase in time spent on their platforms.
There are many different types of stationery. Some people might think of stationery as just a way to write a letter, but there are many more types of stationery available now than ever before. In fact, the industry is thriving right now, with new and innovative products hitting the market all the time. One of the most popular types of stationery is notebooks.
There are so many different types of notebooks now that it can be hard to know where to start. From traditional notebooks with lined paper to journals with creative covers, there’s something for everyone. And thanks to the popularity of bullet journals, notebook sales are higher than ever before. Another type of stationery that’s seeing a resurgence in popularity is writing paper. While some might think that letter-writing is a thing of the past, that’s not actually true.
13. Pet care
In the United States, we love our pets. In fact, pet care is a $72 billion industry. That’s a lot of money being spent on Fido and Fluffy! There are a lot of reasons for this, but one big one is that people are increasingly living alone. Pets provide companionship and love, which can be hard to come by when you’re single.
Another reason for the growth in pet care is that people are getting older. Pets provide seniors with companionship and help keep them active. In fact, many seniors rely on their pets for support and socialization.
There are also more pet-friendly businesses than ever before. From hotels to restaurants, businesses are catering to pet owners. This means that people can take their pets with them wherever they go. increase in pet adoptions and fostering.
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 to consumers and corporate demand leading to 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
There are a few reasons for this. The first reason is that people want convenience. They don’t want to have to leave their house to get food or drinks. The second reason is that people are more health-conscious than ever before. They want to be able to eat healthy meals without having to cook them themselves. And the third reason is that people are busy.
They don’t have time to go out and eat dinner, so they’re opting for delivery instead. All of these factors have led to a surge in the food and drink delivery industry. Restaurants are delivery only, and there is a huge demand for meal delivery services. ith liquor sales up due to more virtual Happy Hours and “quarantini” gatherings, Drizly, North America’s largest e-commerce alcohol marketplace, took off.
10. Online Education
Online education is growing rapidly and the industry is thriving right now. There are more online courses and programs than ever before, and students are taking advantage of the flexibility and convenience that online education provides. In addition to traditional colleges and universities, there are now many online-only schools that offer a wide variety of courses and programs. The industry is also growing in terms of the number of employers who are offering or require employees to have an online degree.
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 use 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 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 Shopify platforms.
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 connect teams, families and communities effectively.
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. Simultaneously, 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 continue, Beyond Meat, a plant-based producer of items like veggie burgers, sees 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 worldwide, 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 due to stay-home orders.
Source: | Espresso