COVID-19 brought the world to a standstill; flights were cancelled, borders were closed, and lockdowns enforced.
As a result, many industries had to adapt to the new needs of the consumer. It is evident that the pandemic has fundamentally affected the way the world works, with many of these effects likely to last.
As the world begins to open back up, we will inevitably see some industries struggling to survive. However, on the other hand, some industries will be presented with a new era of opportunity.
At Shoebox Accountancy, we have identified five industries that see promising growth and recovery opportunities for a post-pandemic boom.
Fitness Industry
COVID-19 has highlighted the importance of adopting a healthy lifestyle; the healthier we are, the more resilient we become to potential illnesses.
With gym memberships on hold throughout the enforced lockdowns, brick and mortar stores suffered. However, the fitness industry quickly adapted and found a new way of engaging with its customers by promoting and improving its online classes. As a result, we saw the fitness industry skyrocket, with the purchase of home and fitness equipment increasing by 170%. The boom in online fitness opened the doors for adjacent enterprises to flourish, such as sportswear, new fitness tech.
Now that gyms have opened back up, many home fitness fans can embrace the gym and their new healthy lifestyles, taking their home fitness workout routines to the next level. It’s safe to say that the fitness boom is here to stay!
Online Tutoring & Education
E-learning was already a fast-growing industry, and the pandemic has only accelerated this. It has not just been schools and universities that have embraced online learning resources; the pandemic has given people the opportunity to reevaluate their careers, with many taking the opportunity to retrain and upskill.
As e-learning provides an easy-to-use, cost-effective solution for people to access educational content anywhere at any time, it will inevitably continue to grow and become a staple part of post-pandemic life.
Health Care
After proving to be essential in our fight against COVID-19, the healthcare industry has been named one of the most in-demand skills of the future.
Along with medical equipment, diagnostics, pharmaceuticals, hospitals and aged care facilities, we are likely to see exponential growth in the advancements in technology as the health care sector also embraces digital transformation as telehealth becomes the new norm.
Another area of health care settings for growth is in research and development. It is predicted that governments will seek to invest in infectious disease prevention and treatment research as a way to minimise our risk of another outbreak.
E-Commerce
With e-commerce accounting for more than one-quarter of retail sales in the UK, with the number expected to grow by one third by 2024, it is evident that there is no turning back from the convenience that digitalisation of the shopping experience has brought to everyday life.
As stay-at-home orders became the new norm, many retailers who were not previously online were forced to adapt and establish a presence in the e-commerce space. It is evident that the pandemic has had a lasting impact on the retail world, with post-pandemic consumers likely to continue embracing the practicality of buying groceries, clothing and gadgets online.
The Events Industry
The need for human shared experiences remains a powerful necessity. As a result, the events industry is likely to see a post-pandemic boom. Having so much time over lockdown, as well as an opportunity to save on spending, people have made a ‘bucket list’, lining up events to go to once ‘normal’ life returns.
Whether this is once in a lifetime experience, seeing a favourite sporting event, going to a gig or taking the kids to the local theme park, it is clear that people are looking to get outside and experience something new as soon as possible.
Looking for business support to navigate the post-pandemic era? Contact Shoebox Accounting for a free consultation with us today.
