Uncertainty fuels change, and when change occurs, new opportunities arise. No matter what global pandemic the world has faced throughout history, mankind has shown incredible resilience and the ability to adapt. Things are no different in the time of COVID-19. The timeframe needed to embrace new technologies are accelerating at a rapid pace. This has given rise to industries that have not only thrived but seen growth at a tremendous pace.
Here are industries that benefit from COVID-19 and the period of recovery that will eventually follow.
Health and wellness
Online and remote learning
Virtual communication software
Serviced Office and Coworking Space
Due to the imposition of lockdown and social distancing guidelines, most people are forced to stay home at the height of the pandemic. This would impair one’s ability to go out and do the normal activities such as grocery shopping, buying medicines, and other necessities, and it gave way to the growing demand of e-commerce retail as an industry that thrive during COVID-19.
Online shopping and retail have been booming all over the world before the pandemic hit. Even so, experts predict that demand for online retail will not retreat to its pre-coronavirus levels. From groceries to consumer goods, a lot of people quickly got used to the convenience of getting daily essentials online. The exponential growth for the industry during the time of pandemic mark it as a recession proof industry.
Health and Wellness
If there is another industry affected by COVID-19 in a positive way, it’s the health and wellness industry. This is not surprising at all given that in this time of pandemic, immunity is the best weapon that humans could possess.
Demand for medical products and services are at an all-time high. From surgical masks, to hand sanitisers, and vitamins and supplements, they are selling fast in the market. In fact, many suppliers of these medical and health care items are unable to keep up with the level of demand.
In addition to medical supplies and items, home fitness equipment is also seeing a rise in demand. With many people forced to stay home, they are forced to look for alternatives to maintain physical fitness or create a semblance of fitness regime. The fact that local fitness centers and gyms are forced to close is also another factor that has contributed to its rise. The exponential rise in home exercise equipment such as elliptical trainers, treadmills, and the like are evidence that this is an industry that will thrive during and after the pandemic.
Online and Remote Learning
When the WHO declared COVID-19 a global pandemic, schools were immediately closed. Parents fear that sending children back to school without a vaccine could potentially expose them to the virus. Classes were halted but parents and educators know that children’s education should not stop. Online education and remote learning thus become another recession-proof industry in this time of pandemic.
Online education companies like Khan Academy, Udemy, and Coursera have launched e-learning courses for students to continue learning when at home. Even non-distant learning schools and universities have switched to this mode of learning in the wake of the pandemic. This trend will likely spur growth of new online teaching methods as an alternative to face-to-face class.
Virtual Communication Software
The rise of Zoom and other virtual meeting tools is a proof that this is an industry that do well in recession, particularly in a pandemic. It is not just private corporations that had to rely on online conference tools to keep up with meetings and other important business matters. Government agencies, religious bodies, and other organisations were forced to rely on these tools to maintain their operations.
In a time before COVID-19, video conference platforms might be viewed as an add-on, but afterwards, a necessity instead of a luxury. Many companies saw their shares crash in the stock market but video calling apps such as Zoom’s skyrocketed. Its founder has seen his net worth grow by up to $4 billion since the start of the pandemic. Clearly, it is a sign that this is an industry that will thrive after COVID-19.
Serviced Office & Coworking Space
For many companies, the recent pandemic was a lesson in the importance of having flexible rental terms, ready to use workspaces, and an adjustable mix of shared and private office. Flexible workspace like serviced offices and coworking space provide the answers to those needs.
As a result, there is a steady rise in demand for flexible workspaces in Hong Kong, Singapore, Shanghai and major cities in Australia. As of 2020, the Asia Pacific region has the largest number of coworking spaces at 11,000.
The food delivery industry, just like the e-commerce retail industry, is one that has seen the highest amount of growth since the pandemic. Just as people were unable to go out to do their grocery or shopping, dining out at restaurants was not an option, as well.
This gave way to the rise in demand of food delivery and take-out services. Food Panda and Uber Eats are an example of the companies that offer this type of service. There are also logistics companies that have extended their services to cater primarily to food delivery.
This growth in demand is proof that this is an industry that will survive recession. But don’t expect it to die down once the pandemic is over. People might have been used to the convenience of having access to food delivered right to their doorstep. It might be hard for them to let that convenience go.