The business market has seen a change in supply and demand since coronavirus first emerged. Let’s dive into which industries have been booming in the pandemic.
The coronavirus outbreak has devastated the economy in many ways. With businesses like cinemas and restaurants being forced to close because of lockdown and social distancing regulations, millions of people have either lost - or are at risk of losing - their jobs. This being said, the change in market and demand has also given rise to new industries, while some pre-existing ones are starting to truly flourish. So, today let’s look at which businesses are burgeoning as a result of the coronavirus outbreak. Keep reading to find out more.
1.) Health Insurance
Unsurprisingly, the health insurance industry has seen a massive increase in its market value since news of the global pandemic first began. With people being frightened of what these uncertain times might hold for them and their family, millions have flocked to insurance companies to get suitable cover sorted.
As high street retailers were shut down for several months, people started turning to online shopping to satisfy all their material needs. Resultantly, eCommerce stores saw a huge influx of business coming their way. What’s more, this trend is set to continue, as people are still avoiding the shops for fear of contracting the virus. Following on from this, Jeff Bezos, the CEO of online retailer Amazon, has become the first person ever to see their wealth surpass $200 billion.
Regardless of what happens to the business market, the tech industry is always withstanding. The coronavirus outbreak was no exception to this rule. Technology has also offered many solutions to problems that the pandemic created. For instance, machines have been used for manufacturing where workers were struggling to remain socially distanced. The industry has also recently attracted big investors like Tej Kohli, who are pouring their capital into technological solutions for global healthcare.
4.) Workplace Solutions
Business teams across the world have been forced to work remotely because of lockdown and social distancing regulations. As such, we’ve seen the industry for workplace solutions begin to boom. Take the example of Zoom, a computer program which allows people to host video conferences from their homes. Cloud computing has also increased in popularity, as business teams have to upload and share their work with one another.
5.) Cleaning Products
Once again, this shouldn’t come as a shock, because cleaning is the best way to kill the coronavirus pathogen and slow its spread to others. Hand sanitiser manufacturers have benefitted hugely as their products are now being made mandatory for customers to use before they enter shops.
6.) Online Entertainment
Cinemas and musical arenas have been forced to close and, unfortunately, they don’t look likely to bounce back from the pandemic. However, online entertainment became hugely popular during lockdown, with 16 million new people subscribing to Netflix. Some big blockbusters were even released via streaming platforms instead of the movie theatres this year.
Though we’re very much still in the midst of the coronavirus outbreak, the world is finally starting to open up again. We’re curious to see which business industries are going to make a comeback in the next few months.