2020 presented the world with unique and completely novel challenges, and it changed a lot about life as we know it today. There were industries and sectors that were negatively impacted, but on the other side, there were companies, businesses and whole industries that thrived, innovated, and found success. The growth of certain industries and sectors teaches us a ton of lessons about the direction our world is headed, and the things that drive success today.
These are 5 industries that have grown through the pandemic, and what we can learn from them.
In the past, real estate has been the culprit or at least one of the hardest hit sectors in an economic crisis. In 2007/2008, the economic collapse was caused by the housing market, but in 2020, it was very different. Real estate didn’t just survive in 2020, it actually thrived through it experiencing more growth, more competition than anyone ever expected. Markets across the US experienced the lowest recorded levels of inventory in decades, and listed homes basically flew off the shelf. Real estate, surprisingly, was not an industry that caved in the pandemic, and the market continues to soar.
What drove this incredible feat of success? Many factors played into it, including incredibly low interest rates that drove people to want to not only buy a new home, but make their current financial situation better. Not only were there low interest rates, but covid lockdowns and work from home also drove people to buy new homes in other markets. The interest rates also gave people the opportunity to take advantage of things like mortgage refinancing and loans borrowed against home equity.
According to most reverse mortgage lenders; when used correctly, a reverse mortgage, also known as the Home Equity Conversion Mortgage (HECM), can add stability to your finances. This is something many people were able to use in a booming real estate market to actually make their lives better.
In 2020, many sectors were revolutionized for the better, and in one specific way, medicine was one of them. For years, telemedicine was an available option for care, but adoption was quite sluggish. It was only when there was no other option that it truly began to take off, growing by up to 50% in a short space of time. With the healthcare system under incredible pressure from covid, and people wanting to stay in the safety of their own homes, a lot of basic medical care migrated to the virtual space, in the form of telemedicine. Doctors in one part of the country were able to offer care to patients in other cities and states, and this is set to keep growing. By opening up the healthcare space in this way, it meant more people could receive the care they needed from the comfort of their own homes.
The world of skincare and aesthetics also grew by leaps and bounds in 2020, and the reason for it is quite surprising. With people spending so much time on camera for meetings, and work presentations, there were many people who observed certain aspects of their skin and hair and decided to make changes. There’s been a growth of everything from specialist skincare products to filler injections to more significant surgical procedures.
The first thing that comes to mind when we think of industries that saw an explosion of growth you would think of companies like Zoom, Microsoft Teams and other online conferencing and meeting services. As everything from work to education migrated into the virtual world, these services became the only way communication could be facilitated. These online meeting services didn’t just help work and school, they also made virtual events possible, allowing everything from weddings to networking conferences to take place in a newly imagined way.
It’s no secret that e-commerce has thrived in the covid era, but other industries also benefited from this success, especially delivery and courier services. With an increase in people ordering all their wares online, there was a higher need for people to actually deliver these items. From bike couriers to large transporters, there was a massive boom for this industry and it’s one that’s set to keep growing.
A time of great crisis leads to growth and innovation, and we can learn a lot of valuable lessons from these industries. The most important lesson we can learn is that consumer behavior and demands have the power to shift entire economies and industries. When people started shopping online more than ever before, ecommerce and delivery services thrived. When businesses needed to communicate, e-conferencing and meeting services exploded, and this is how new business models are invented seemingly out of nowhere. People are resilient and they adapt, and business will always follow suit.