Which sectors are on target to surge during this pandemic?
- Light Consumer Manufacturing
- Heavy Equipment Manufacturing
- Retail Alcohol Beverage
To say the COVID-19 pandemic and its ensuing lockdown have caused a considerable hole in the world’s economy would be an understatement. With retail business, travel industries, and the service sector taking the brunt of the pandemic’s economic stress, certain business sectors have adapted, experienced growth, and even thrived during the wide-felt lockdown. Here’s my list of industry sectors that are not only surviving but are really zooming along (no pun intended).
E-commerce – As the world relies more and more on the digital space throughout the lockdown, e-commerce has emerged as a clear-cut winner with any form of delivery right behind it. With physical retail activity essentially crumbling overnight, e-commerce has taken flight. Experts predict that e-commerce accounted for roughly 15% of retail’s sales, a number that can easily trend towards 25% throughout summer.
Healthcare – Having already been one of the fastest-growing sectors of the US economy, the healthcare industry has experienced even more growth since the COVID-19 crisis. Nurses and orderlies, who are already in high demand and short supply, are continually sought in an industry that, according to the Bureau of Labor Statistics, will grow 12 percent from now and 2028, “much faster than the average for all occupations.”
Logistics – While we all stayed cooped up at home, the logistics sector also experienced growth on the frontlines. As customers ordered everything from groceries, alcohol, clothes, and books, items were showing up at the foot of consumer’s doors at unprecedented levels. FedEx, the multinational delivery service giant, summed up distribution throughout the pandemic by saying “COVID-19 has changed the world and our way of life.”
Medical Textiles – When a highly contagious and quickly spreading virus overtakes the planet, hygienic measures become necessary and integral to keeping surfaces clean. With that said, the global potassium permanganate market is now expected to grow by $60 million during 2020 to 2024.
Potassium permanganate is used in the textile industry as a bleaching agent. While it’s used in the process of making polyester fabrics, including cotton and jeans, potassium permanganate is preferred in the textile industry due to its powerful oxidation properties and its economic value when compared to its competitors. With a constant worry of spreading the virus, cleaning companies are now needed more than ever.
Home Workout Equipment – With most countries locked into their respective homes and away from gym and studios, fitness enthusiasts have had few other options than to rely on and purchase home workout equipment to stay in shape throughout the pandemic. While gyms spent close to three months at a standstill and people turning to food delivery apps to support local and struggling restaurants, it was easy for many North American’s to tack on some extra weight in lockdown. According to reports, home equipment sales had rocketed as gym-goers, with no place to go, stocked up on weights and fitness gear designed to be used at home.
Online Gambling – With the sports world forced into hiatus, sportsbooks have experienced a colossal loss due to the cancellation of worldwide games, matches, and tournaments. As an alternative to betting, online casinos experienced a rise in virtual traffic. As per the Pennsylvania Gaming Control Board, revenue for online casino games, including slot machines and table games, jumped 30% in May, doubling from USD$24 million in March to USD$55.8.
As we start treading towards smoother waters, it’s clear that the ripple effects of COVID-19 will be felt across major economies for years. Some industries will be forced to change for good and others, especially those in the digital space, will be able to use the pandemic as a launchpad to set themselves up for years to come. For better or for worse, like so many sci-fi movies and novels predicted over the years, it seems like the dawn of the infinite virtual world is finally upon us.
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Source: ResearchFDI Inc.