The Covid-19 pandemic has brought with it many economic challenges as many parts of the world and our lives have been placed at a standstill. With countries under lockdown and people sheltering in place, it meant less physical and economic movement, and many businesses have been taking hits.
But not all businesses suffered—some, in fact, did better not just despite Covid-19, but because of it. Below are 5 markets that boomed during the pandemic:
1. Exercise Equipment Sales
Needless to say, people are spending a lot of time at home these days. And while many have thrown their summer body aspirations out the window for now, there has been an absolute boom in the interest in fitness equipment that people can use at home.
During the pandemic, there has been a record boost of over 600% in the sale of exercise equipment, the vigorous demand for it has even lead to shortages in things like kettlebells. With gyms closed and people avoiding crowds, many are now opting to build their personal fitness corners at home.
2. Online Education & Streaming Services
More reliant on the digital world, we seem to do everything online nowadays, including educating and entertaining ourselves. With schools unable to conduct classes in person, online education and training are seeing a boom. This kind of mass online education is still new, and we are learning about its benefits today, from reduced training time to an increase in knowledge retention.
As for streaming services, it’s no secret that many of us have been binging relentlessly on new shows and old favorites from various streaming platforms, including Netflix, Hulu, Prime, and more.
3. Cleaning Products
Do you remember the shortages in cleaning products, bleach, and hand sanitizers at the start of the pandemic? Today, companies like Purell say that they have dramatically increased production to keep up with a demand that has also quite dramatically ramped up.
Hand sanitizers alone reached a 300% increase in sales in one week, with P&G forecasting a continued and sustained demand for cleaning products, not just in hand sanitizers, but the whole lot, including laundry detergent and grooming products.
4. Work from Home Furniture
Many consumers have had to make the transition to working and studying from home, which means a greater demand for home furniture and accessories to make working and studying from home more comfortable.
The past year has seen an estimate of 52% of Americans working from home to avoid the virus. To improve the quality of work-from-home life, consumers have been fueling the greater demand for desks, office chairs, and even office-related tech to make those long hours more comfortable and zoom meetings more professional.
5. Food Delivery
Many industries have been hit hard because of the Covid-19 pandemic, especially the restaurant and dine-in industry. Since in-door dining has been shuttered or limited, food delivery services and apps have skyrocketed.
Delivery services have become the lifeline between businesses and their customers, with more people ordering takeout and groceries during the pandemic online. The pandemic has given such delivery services around the world a huge boost, as they rack up more than twice the amount that they made pre-pandemic.
There you have it, while other industries have taken a hit, these are 5 businesses that have boomed as a response to the unique circumstances that the coronavirus pandemic has placed us all under.
Going forward into 2021, it’s looking as though the trends in home fitness, the need for cleaning products, online education and streaming, office furniture, and food delivery services will continue to be absolutely vital services that make all our lives easier.
- the Guardian. 2021. Lockdown lifting: US exercise equipment sales soar amid pandemic | Life and style | The Guardian. [ONLINE] Available here.
- Industries Booming During COVID-19 | . 2021. Industries Booming During COVID-19 | . [ONLINE] Available here.
- TODAY.com. 2021. Coronavirus: Purell makers have 'dramatically increased production'. [ONLINE] Available here.
- Timothy Aeppel. 2021. Work-from-home boom is a bust for big office furniture makers | Reuters. [ONLINE] Available here.
- Levi Sumagaysay. 2021. The pandemic has more than doubled food-delivery apps’ business. Now what? - MarketWatch. [ONLINE] Available here.