Uncertainty is a driving force for change. Every global pandemic in history has shown the remarkable resilience of humans as we evolved and adapted to whatever the new normal has been. Whether out of necessity or safety, there is documented evidence during these times, which saw markedly accelerated adoption of changes and new behaviours.
COVID-19 has had a significant effect on almost every business around the globe. Due to restrictions imposed by governments, several companies across multiple industries have been either shut down completely or forced to operate at just a fraction of normal capacity. Yet, not all businesses have been impacted negatively, with some in certain industries thriving amidst the economic downturn.
With many students left with no choice but to continue their education from home, it is no surprise that the e-learning industry has experienced a massive boost. So, what are the benefits of having large learning environments on campuses when they can be replicated and even improved upon, by moving the classroom online. With college tuition significantly outpacing inflation for well over the last decade, learning institutions will quickly be marginalised by e-learning platforms, with a new generation of teachers who will ultimately excel in this new and exciting field.
The biggest winner in this is students, as they will be able to study for their dream job, without having to face traditional barriers such as having to pay for an expensive education or having to compete for limited acceptance in university. Online education improve the overall literacy rate will have an overall benefit in society.
Healthcare and insurance
If any industry were considered recession-proof, it’d be healthcare and insurance. Because people will always get sick during good times as well as bad, it is unlikely that healthcare would experience job losses or cutbacks seen in other industries. This is especially true during the economic crisis of the current outbreak of Covid-19.
Medical services and products are both in remarkably high demand, from surgical masks and hand sanitisers, to vitamins and supplements, as well as disinfectants, medical and home healthcare supplies. Saving lives is paramount during times like these, and in the face of this viral pandemic, immunity will be our biggest asset. This explains why the healthcare industry is currently experiencing an influx of both private and public funding.
Industries such as funerals have bloomed over recent times, and aren’t slowing down with the ageing population. The exorbitant costs related to deaths have made families plan funerals.
Disability care providers have also become increasingly important during this pandemic. From in-home aged care to other disability care, it has been extremely important that clients were supplied with enough of the necessities such as toilet paper and cleaning products. Plus, with power wheelchairs becoming more accessible, they have surged in demand in recent times.
Disability support workers around the country have been there to provide support for the most vulnerable in our society, while also creating a range of additional protocols implemented especially for their protection.
With everyone staying closer to home since the pandemic hit, virtual or augmented reality shopping environments are likely to increase in popularity and use, displacing the desire for many to drive into the store physically. VR technology has already enabled people to experience a virtual tour of real estate without physically visiting the location. With the continual improvements to the technology and declining costs involved, this transition will soon become much easier for us all.
When economic times become tougher, home renovations and other DIY activities often increase. This effect may even be more pronounced during periods of forced business closures and imposed social distancing like we are experiencing during this pandemic.
As the reality of being stuck at home started to sink in, people poured into hardware stores so that they could get some renovations or restorations done around the home during the shutdown. Some DIY projects, such as landscaping your pool or backyard entertainment area or installing a pond in your backyard are increasingly popular, as people are forced to stay at home on the weekends.
This explains why companies who provide materials and tools used for home improvement, repairs, and maintenance have seen such an increase in demand, despite the almost certain recession looming ahead.
Companies who provide commercial cleaning products or services have become particularly visible during the Covid-19 pandemic. In fact, just a few months ago, many who own these businesses couldn’t have predicted just how incredibly essential their services would become.
As they’re contracted to disinfect a variety of surfaces, specialised commercial cleaning as well as sanitation services are now crucial in maintaining continuity and workflow for most local businesses. Companies need their services for the safety of staff and customers, which ultimately provides them with the confidence to continue trading while preparing for business life after Covid-19.
Many manufacturers are struggling because the goods that they produce normally are no longer in demand. Interestingly, some of the more agile manufacturers decided to pivot, which allowed them to use their plants to manufacture products and supplies that are considered to be vital.
Not only are these manufacturers thriving with their adapted production lines, but many local manufacturers are also benefiting from Australians who are increasingly motivated by the current crisis to buy local whenever they can.
None of us have experienced a pandemic like this before. While it is already having significant impacts on the world economy, the specifics of these impacts certainly do seem to vary wildly according to the sector or industry. While no one knows how long it will affect us, there are lessons that we can learn right now, which will ultimately ensure our planning in the future is much more robust.