The coronavirus pandemic was a bad year for the business world over. Widespread layoffs and furloughs prompted about 21% of the US labor force to file for unemployment benefits since mid-March, and economists were forced to say the United States was facing a big recession. Even as the states began to reopen after a long period of lockdown, it is being estimated that many of the jobs that have been lost may never come back. However, what was most surprising was a boost in some industries that no one ever expected.
Even during these grim and critical economic times, there have been some industries that did not suffer at all. On the contrary, they were thriving due to the dramatic shift in consumer behavior. While restaurants, bars, offices, and gyms remained largely empty as millions of people stayed home to stop the spread of the coronavirus, this lockdown situation created new opportunities for several companies. Experts of The Academic Papers UK have discussed here some lucky industries that had a field day with the coronavirus running rampant and saw a huge spike in their quarterly and yearly profits.
Healthcare and Medical Industry:
Healthcare and medical products include hospital gowns and uniforms, clothing and wipes, surgical covers, masks, caps, and hospital bed products. These products required several key elements such as cleanness and infection control as hospitals and healthcare facilities were swamped by people infected by the deadly virus. Healthcare workers need the best protection to help the sick. The virus also spurred a strong growth for medical and personal safety products, including gowns and the N95 respirator masks needed by medical professionals, and this high demand helped the manufacturers make astounding profits.
The food industry saw a boom during the pandemic as the need for essential as well as non-essential food items increased to almost 100% in some parts of the world as staying home, with most of the people nothing to do felt hungry all the time and wanted to eat what they like. Research has reported that for some of the market players, sales for the first three months of the year jumped from 10 to 20%. Even small to medium-sized businesses reported better sales than they expected during the lockdown period. The shopping marts, supermarkets, and stores were bombarded by people who were afraid of food shortages and they wanted to keep additional supplies at home in case things were not good and this benefited the food industry immensely.
Hygiene Products Industry:
People could not stop sanitizing, bleaching, and cleaning every nook and cranny of their homes and offices to kill the virus that was becoming deadlier by the day. This benefited the hygiene product industry, and 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 as 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 230.5% and multipurpose cleaners 109.1% in March and April 2020, research firm Nielsen reported. There was even an increase in the demand for cat litter and grilling necessities that increased huge sales in the supermarkets.
Experts at TrueHab, a travel website told that with everything under lockdown, shops closed, and nothing to do, people switched to streaming services that 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 of the streaming services that made fortunes during the pandemic. For those who were not so interested in staying fit or wanted to acquire a new skill or hobby, entertainment was the best option for them, and it was reported that 16 million people made accounts during the first three months of lockdown only on Netflix. As customers had more entertainment options, including sports that were shut down due to the virus, and they just had to switch on the movie or series of their choice.
Other industries that profited from lockdown and this pandemic included the communications as well as fitness products industry. The need to remain connected with the world made people download communication apps while those who were tired of lazing around ordered fitness equipment online to remain fit and healthy, even after eating their favorite foods. While on one hand, the coronavirus 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 and ended up with unexpected profits.
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