The COVID-19 pandemic triggered an economic downturn that impacted multiple industries, even forcing many to close temporarily. In addition, people’s movements were limited, prompting several establishments to shut their doors due to poor sales.
While some businesses declared a temporary suspension of operations or bankruptcy, we have also seen many persist and even profit at the height of the global health crisis. Let us identify these pandemic-resilient businesses and see how they remained productive amid the recession.
Life and Health Insurance
The coronavirus pandemic has pushed the purchase of life insurance to the top of many customers’ priority lists. Many individuals are now fully aware of the financial threats involved with serious sickness and death resulting from COVID-19 or any disease.
In fact, 32% of clients believe they want to acquire life insurance because of the pandemic, and 42% say they are more likely to buy life insurance after having COVID-19. Also, business insurance companies are usually fairly resilient in global pandemic situations.
While dealing with an increase in applications, life insurance companies and agencies promptly created measures to work around the pandemic’s challenges. They have continued to push forward with their digital agendas, meeting customers at their computers and cellphones. For the time being, the life insurance business will continue to see a growth in sales.
Freelancing
The freelance economy was already huge, and it just got bigger in the pandemic. The freelancing market is expanding exponentially, owing primarily to the deployment of digitalization and its influence on labor organizations.
There has been a 22% increase in freelancers in the US between 2019 – 2020. More than one-third of the working population served as freelancers throughout the pandemic.
With all signs pointing to a future of workforces centered on talents rather than tenure, the freelancing market is expected to grow significantly in the following years.
Communication Services
Due to the pandemic’s economic and social instability, the world was dependent on technology for education, social support, and remote work.
In contrast to many other businesses, the telecommunications industry remained intact from COVID-19’s impact because they could be operated anywhere.
Telecom companies can use the pandemic as an opportunity for the welfare of society, offering a resilient and secure platform during state lockdowns throughout the world.
Lending
Many enterprises in the financial services industry are still struggling to adjust to a new economic environment.
Physical contact during financial transactions is being avoided. The lending market has been embracing digitization. The pandemic has further heightened the demand for digital solutions, making them even more tempting to individuals and businesses.
Despite the continued economic impacts of the COVID-19 pandemic, low-interest personal loans remain readily accessible. Short-term loans are also available where borrowers can get a payday loan for only 3 months or shorter terms like two weeks.
Entertainment
For most people, the only way to enjoy and escape from the mental burden caused by the pandemic was home entertainment. Viewers were consuming a broader range of content. Consumers were increasingly streaming material throughout the day, including music and podcasts, while working from home.
Movie theaters and production studios were temporarily shut down in 2020. The good thing is that the pandemic brought massive success to new streaming video services from big labels, such as Netflix and Amazon.
Supermarkets
Consumers are flocking to supermarkets and food producers, despite the economic downturn brought by COVID-19. Demand for grocery stores and food manufacturers increased as millions of Americans chose to cook at home rather than dining out. Restaurant spending got reduced when consumers became more concerned about their financial situation and health.
Grocery stores remained open to sustain the food supply and quickly turned their attention to safety, introducing measures to protect workers and customers from the virus. The major problem encountered by this industry is the shrinking workforce.
Household Cleaning Products
In the fight against COVID-19, personal and household hygiene and disinfection became essential. Disinfection techniques are necessary to limit the risk of coronavirus spread.
The pandemic has increased the demand for cleaning supplies by a significant margin. Disinfectant sprays, surface and toilet cleaners, and hand sanitizers have all seen an increase in demand.
As people prepared for the coronavirus, sales of aerosol disinfectants, in particular, increased by about 400 % compared to the same time in 2019.
Liquors
Although these are not essential commodities for consumers, the pandemic could not stop those who could afford liquors from enjoying them.
The hospitality sector was struck exceptionally hard, with so many pubs and restaurants closing down. In most states, liquor stores are considered essential businesses. Consequently, people who needed socialization started holding virtual cocktail parties through Zoom, making liqueurs a sought-after item.
Conclusion
Aside from the threat to public health, the economic meltdowns jeopardized millions of people’s long-term livelihoods and well-being. As a consequence of the pandemic, certain industries were adversely affected. However, some remained untouched and even gained from it, earning the label “COVID-resilient.
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