Covid-19 impact: industries that will thrive in the post-covid-19 economy
The world has changed irrevocably from the last couple of months. Words such as lockdown, curfew, quarantine, that were one time outlying to us have now included in our daily vocabulary. Covid-19 outbreak threatens the very existence of mankind and forced us to reevaluate and revitalize our lives to prepare for the unexpected.
Governments have closed borders and forced quarantines to cope with the devastating pandemic. While the battle is on with the health emergency Covid-19 poses, there is another meltdown the world is facing – an economic crisis, which will have a pervasive impact.
Consumer buying patterns are changing expeditiously, it is essential for brands to re-visit and shift their business strategy in response to the current scenario and need to take action that helps them to survive even after the normalcy starts to return. Because even after the outbreak will be contained consumers will still take time to trust the retrieval.
How covid-19 will reshape the world?
International Monetary Fund (IMF) predicted that the world might be in a great recession may be worse than 2009 in the year 2020-21. According to the International Labour Organization (ILO) 195 million jobs could be lost and working hours are likely to decline by 6.7%. Looking at the current scenario we can see the hints of it, consumers are already recalibrating their spending, increasing the chance of permanent shift of that spending.
Even for businesses the post-covid-19 scenario is not so good. FEMA predicted that up to 40% of small businesses might be forced to shut down in the wake of a crisis. But there is still a massive door for opportunities for those businesses who have the vision to think ahead, responding to the needs of people, plan, and make some bold moves.
Industries will have the most opportunity post-covid-19:
Health and fitness:
- The medical specialists such as Dentists, Gynecologists, Dermatologists, etc. who are not at the forefront during this pandemic, post-covid-19 will be definitely for them.
- People with chronic illness or minor ailments will return back to their treatments when they feel safe to do so.
- A subsidiary of medicines such as physiotherapists, Ayurvedic, or Yunani Will resumes their services post-covid-19.
- There will be a surge in demand for skilled nurses/doctors/scientists/researchers who are knowledgeable in deadly and contagious diseases and rare illnesses to be able to prepare for such a situation in the future.
- Coronavirus taught us an important lesson that the healthier you are, the better you seem to sail. Through this, many people have become more health-conscious, so the fitness training and nutritional industries may grow rapidly when the normalcy returns.
- Many people have already lost a lot from this pandemic, especially those in the hot-spot areas. Not everyone can handle this all by themselves. People will need counseling/motivation/consoling or faith-based encouragement/medical help in extreme situations. Therefore, it is an opportunity for those in these fields to rise up.
Businesses and nature of work:
- Coronavirus has forced businesses to run remotely. But the post-pandemic situation will surely be different. Firms and staff will become more vigilant about the sickness and hand sanitizers will come under usual offerings.
- Manufacturing or construction industries have mostly shut down due to their nature of work. So the aftermath of the crisis, every hour will be crucial to compensate for the damages. Companies will invest only in productive employees.
- There will be opportunities in agriculture and allied activities to minimize the imports and fuel the local economy as it recovers. There will also be a demand for services that can improve the farming process.
- The unemployment rate is very high in lockdown and will surely increase after that. People have learned the importance of financial planning now. So post-covid-19 there will be a huge opportunity for those who can teach them how to budget, maintain the books, save, etc.
- There will be a surge in the demand for investment experts as people may want to learn how to quickly compensate for the financial losses that have already occurred while building a legacy for their future.
- People will surely get used to the comfort and ease they experienced having their groceries/food/medicine delivered at their door-step. So there will be so much potential for new jobs and new businesses like these.
- As a result of this pandemic kids around the world have overnight had to use their computers and iPads not just as a distraction and entertainment, but for consistent learning. So there will be a huge opportunity for change in methods of teaching, to learn a new skill or sharpen an old one all these online.
- Some people are experiencing deep distress and hopelessness while others have so much more free time on their hands. As a result all of them are going digital to get relaxed. The digital entertainment market does not seem to get down soon after getting so much popularity among the masses.
- This may harm businesses of theaters and out-of-home entertainment venues post-covid-19. So they should offer more attractive experiences that customers can’t replicate in their living rooms to save their businesses.
- Travel is going to boom post-COVID-19. Airlines are likely to offer promotions to recoup some of the profits loss. People will suddenly go off to live their best lives by traveling and exploring.
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The world has revived from the worst economic fall downs in the past. So we have to be prepared and start looking ahead for the opportunities to bring a world that may be damaged but in need of our bright ideas and solutions.
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