3 Industry That Will Thrive In the Post-COVID Economy
It’s no secret that the COVID-19 has shaken up the world and brought about many changes not only when it comes to the workplace, but also to the ways with which entire industries operate. Across the globe, businesses of various sizes have ceased their operations; thousands, if not millions have lost their jobs, and many industries have taken a significant hit with no immediate recovery in sight. In this article, we’re going to make a brief industry analysis over the top 3 sectors that will thrive in the Post-COVID Economy and the likely reasons as to why.
By contrast, there are several industry giants that have not only grown during the pandemic but also show no signs of slowing down as we tread uncharted waters while slowly exiting from it. Read more below to find out.
1. eCommerce industry
With stay-at-home or sheltering-in-place orders in effect at times for a month in various countries, people had few options to shop in retail locations. This led to an unprecedented turn to online shopping, where consumers were able to make their purchases without the hassle or fear of being exposed to the virus.
It’s worth noting that eCommerce giant Amazon recently marked its second consecutive quarter of achieving more than $100 billion in sales, with all signs pointing out that it’s soon headed for a third. The ease, convenience, and seamless online shopping experience mark the entrance to an era where eCommerce is growing to the point of challenging the status quo of retail. Therefore, the eCommerce Industry will boost Post-COVID Economy.
2. Gaming industry
From finding the best online offers in 2021 to indulging in prolonged gaming sessions in MMORPG games, those stuck at home found refuge in the relatively cheap and broadly accessible form of entertainment that is gaming. In fact, the Nintendo Switch, one of the most popular handheld gaming consoles, was out of stock for months last year at the height of the pandemic. The industry is going to continue to flourish, further aided by a growing number of applications of virtual reality in gaming, due to the increased interest and hobby of people also boost Post-COVID Economy
3. Tech industry
It’s easy to see why the technology sector will be amongst those most benefited from the current global financial climate. As advancements simplify everyday life – from how people communicate, work, and travel, to healthcare and medicine – job demand and profits across the industry will increase Post-COVID Economy.
Without a doubt, eCommerce, gaming, and technology are shaping up for rapid growth and expansion on a global scale in Post-COVID Economy. While the COVID-19 pandemic laid the groundwork for their success, it appears, the industries mentioned above will continue to blossom well past it. Let us know in the comments: did COVID-19 affect your industry, and, if so, how?
About The Author: Thomas Glare is a financial advisor with a whole wealth of experience running into decades. He has practiced both as an analyst and as a teacher to many economic students. He shares his knowledge through books, journals, and his website.