Impact of Covid-19 on the Market
The coronavirus pandemic was a bad year for the business world. Widespread layoffs prompted about 21% of the US labor force to file for unemployment benefits. Economists were forced to say the United States was facing a big recession. Even after the states began to reopen, it is being estimated that many of the jobs may never come back. However, the most surprising was a boost in some industries that no one ever expected.
Industries that Prospered during Covid-19
Even during those critical economic times, there have been some industries that did not suffer at all. On the contrary, they thrived due to the dramatic shift in consumer behavior. The restaurants, bars, offices, and gyms remained largely empty as millions stayed home. This lockdown situation created new opportunities for several companies. Experts of The Academic Papers UK have discussed some lucky industries that enjoyed prosperity here. These industries saw a massive spike in their annual and quarterly profits.
Healthcare and Medical Industry
Healthcare and medical products include hospital gowns, uniforms, clothing, and wipes. Surgical covers, masks, caps, and hospital bed products also come under this category. Healthcare workers need the best protection to help the sick. The virus also spurred a strong growth for medical and personal safety products. It includes gowns and the N95 respirator masks needed by medical professionals. This high demand helped the manufacturers make astounding profits.
Food and food delivery Industry
The food industry saw a boom during the pandemic. The need for essential and non-essential food items increased to almost 100% in some parts of the world. It happened because most of the people were living in their homes. There were not allowed to go out and buy things. Research has reported that sales for the first three months of the year jumped from 10 to 20% for some market players. Small to medium-sized businesses reported better sales than expected during the lockdown period. The shopping centers, supermarkets, and stores were bombarded by people afraid of food shortages. They wanted to keep additional supplies at home if things did not go as planned.
Hygiene Products Industry
People could not stop sanitizing, bleaching, and cleaning every nook and cranny of their homes and offices. It is because the virus was becoming deadlier by the day. This benefited the hygiene product industry. They made the most profit out of the COVID 19. People purchased extra supplies of soaps, wipes, bleaches, sanitizers, and other types of disinfectants.
Even the demand for consumer goods like Scotch-Brite sponges saw an increase. People became more conscious about health and cleanliness and preferred to keep their homes and workplaces cleaned. In March and April, the sale of aerosol disinfectants jumped by 230.5% and multipurpose cleaners by 109.1%. There was even an increase in the demand for cat litter and grilling necessities that increased sales in the supermarkets.
Experts at TrueHab, a travel website, said that people switched to streaming services with everything under lockdown. Such services offered them a chance to do something other than dreading what would happen to them. Netflix, HBO Max, Disney Plus, Hulu, and Amazon Prime Video are some streaming services that made fortunes during the pandemic. For those not so interested in staying fit, entertainment was the best option. It was reported that 16 million people made accounts during the first three months of lockdown only on Netflix. Customers had more entertainment options as sports were shut down due to the virus. They just had to switch on the movie or series of their choice.
Social Media Industry
Other industries that profited from lockdown and this pandemic included the social media industry. The need to remain connected with the world made people download various social media apps.
Supply Chain and Delivery
While, on the one hand, the coronavirus Covid-19 made everyone stay at home and away from the world; there were thousands of workers who worked day and night to ensure a regular supply of food, medical supplies, and other items ended up with unexpected profits.
The COVID-19 pandemic proved to be a blessing in disguise for many companies. Some of the tech platforms also made huge profits. Those platforms include MS Teams and Zoom. The business sectors mentioned above obviously made huge profits during the pandemic.