Undeniably, the global pandemic has created considerable upheaval, pushing several traditional strong sectors towards stagnation. From retail to tourism, numerous industries are struggling to function at their pre-pandemic scales. However, amid such adversities, some surprising sectors have shown great resilience and growth, flipping the crisis narrative. This article brings to light such unexpected sectors, demonstrating often overlooked strength and growth.
Firstly, it is quite fascinating to see the astonishing growth of the home improvement sector. While initially, this could be attributed to the increased time spent at home due to lockdowns, over time, it’s become clear that this boom extends beyond temporary fixes or DIY projects. Consumers have utilized pandemic constraints to rethink their living spaces, funneling money towards significant home renovations, landscaping efforts, and other remodeling projects. Companies such as Home Depot, Lowe’s, and Wayfair have hence reported record sales, bolstered by the dramatic shift in consumers’ lifestyle.
Secondly, the accelerated technological advancements have greatly benefitted the EdTech sector. With educational institutions globally opting for online modes of teaching and learning, the demand for academic platforms, online course subscriptions, and virtual classroom services has spiked. This sudden requirement for sophisticated digital solutions has resulted in phenomenal growth in EdTech companies like Coursera and Zoom. However, this shift to online education is transforming from a temporary solution to a long-term pathway, indicating the sector’s continued growth.
Telehealth is another sector that has emerged to be unexpectedly strong amid the crisis. While healthcare systems worldwide faced severe disruptions, telehealth offered a convenient and safe avenue for healthcare services. Patients found comfort in receiving care and diagnoses from the safety of their homes, leading to a surge in telehealth providers’ usage like Teladoc and Doxy. The pandemic seems to have brought a permanent shift towards virtual healthcare, ensuring sustained growth for this sector.
Lastly, the gaming industry, which always exhibited a strong foothold, has seen an exceptional rise. The restricted outdoor activities led consumers to look for indoor entertainment alternatives, thereby catalyzing the gaming sector’s growth. The rise in the number of active gamers, coupled with the increase in in-game spending, has augmented revenues for companies like Nintendo and Epic Games. With digital transformation trends like Augmented Reality (AR) and Virtual Reality (VR) integrated into gaming, the industry is set to maintain this growth.
The Pandemic has inverted the industry growth narratives and brought unexpected sectors to the forefront. Sectors like home improvement, EdTech, telehealth, and gaming, previously viable but not exceptional, are showing signs of long-term growth and investment worthiness. This uncovers a fascinating insight- crisis times often become the breeding ground for innovation and growth. Unusual times call for unusual victors.
