Welp MagazineIt is no secret that millions of people found themselves unemployed, or at least under-employed after Covid struck. Many long-founded businesses went under as the pandemic brought many enterprises to a shuddering halt.
Office workers were sent home, restaurants closed, planes were grounded, and hotel resorts emptied. In short, the pandemic was a financial disaster for a large number of businesses and individuals.
Yet, many businesses did manage to cope with the new challenges thrust upon them, and some even saw areas of growth. A few suddenly found themselves swamped with more orders than ever.
Not all businesses that prospered during the pandemic have continued at the same levels, but some have, and they are helping their local economies to return to healthier times.
Which industries are still doing well now that the worst of the pandemic has passed? Carry on reading to see which areas are continuing to perform.
Online casinos show no sign of slowing down
At the beginning of the lockdowns brought about by the pandemic, there was a radical shift in what people searched for online. Clearly, groceries and food deliveries were a priority for anyone unable to travel, but other trends emerged too.
Google reported record searches for online casinos and other forms of gambling in the first quarter of 2020. As bookmakers or sportsbooks closed, and traditional casinos were prohibited from opening, the internet took hold.
As 2022 progresses, online gaming websites such as EnergyCasino continue to provide extra revenue for the countries where they operate. The US online gambling market was worth over $2.1 billion in 2020 and is predicted to have a CAGR of 17.34% over the next 5 years showing huge growth.
Video games are still being bought in huge numbers
Online gaming in general was big business during Covid. By the time the third quarter of 2020 was coming to a close, over $30 billion of video games had been sold. That represented a 23% increase from the previous year when the world was blissfully unaware of Covid.
While the huge increases in games sales will probably not be maintained as the pandemic lessens, there is still plenty of room for growth.
Technology companies continue to move forward
Apple, Microsoft, and Alphabet all performed well during Covid. Microsoft saw its market value increase by 110%, but Apple was the star performer.
At the end of 2021, Apple’s stock hit near record levels. Some experts started to question whether it was even possible for Apple’s value to go any higher as its market cap reached $2.9 trillion.
These technology companies are in fine health and are continuing to perform regardless of the pandemic. How much they are boosting their respective economies is questionable though. Apple and Google have reputations for avoiding taxes in the UK and other domains. However, they are providing high levels of employment, and this in turn helps local economies to prosper.
Remote software still being developed
Some statistics put the figure of full-time employees working from home during Covid at 70%. This seems somewhat high as many roles cannot be conducted remotely. The fact remains though that remote working became vastly more common during the pandemic.
While some employers such as Elon Musk are calling for workers to return to offices, many have seen genuine benefits from remote working. This means that systems and software developers will continue to thrive post-pandemic.
Car manufacturing is electric
It was a busy time for Elon Musk during the pandemic. He was in the news almost constantly it seemed with comments regarding NFTs, Twitter, and bitcoin. Not even the greatest advocate of crypto could prevent the volatility of bitcoin, and the eventual crash this year.
Nevertheless, Musk oversaw the greatest change in market value of any business during the last two years. Investors are seeing the huge potential in Tesla’s electric cars for the future, and the market value of the company grew 1311% over the pandemic.
Cleaning services are still spick and span
Cleaning services went from being necessary to vital during the pandemic. Now with extra health and safety rules in place, there is no reason to see cleaning services lose their momentum. Any business that involves hospitality will need to keep on top of its cleaning game, as will anywhere that has a high volume of patrons or workers.
Ecommerce continues to grow beyond all expectations
While online retail was already looking healthy, the pandemic lit a rocket under the industry. The obvious winner may be Amazon, but any business involved in ecommerce will have seen a welcome boost during the last couple of years.
Ecommerce is predicted to grow by a CAGR of over 17% up until 2027. By then it is forecast that the market will be worth a staggering $16,200 billion.
Businesses that did well during the pandemic but may be dipping
Many businesses saw an uptick in sales and subscriptions during the pandemic, but may not be able to sustain their growth. In fact, some large companies are looking like they are slowing down dramatically.
The green industry
The green industry gained an 8% boost during the pandemic as people started to try their hand at gardening. One study of 4,200 people revealed that 1 in 3 respondents started gardening during Covid. Unfortunately, many individuals have not expressed any desire to continue now restrictions have been lifted.
Streaming platforms
As people stayed at home and cinemas were closed, streaming platforms were a welcome form of entertainment. Now though, Netflix has announced the loss of hundreds of thousands of subscribers, with potentially millions more following.
Home improvements
Home Depot was one of the businesses that benefited from the pandemic. As people were forced to spend more time at home, thoughts turned to home improvements, and it reported healthy rises in sales during that period.
Reports suggest that Home Depot is still seeing growth during 2022, but there could be a drop as the year tails off.
Summary
The pandemic helped businesses involved in food delivery to see huge rises in orders. Deliveroo and the like had to search for more drivers as they struggled to meet demand. However, unlike cleaning services that remain essential, food delivery is no longer necessary as people can freely move about again.
While many businesses failed during Covid, it is reassuring to know that some thrived. It isn’t just the big names who continue to prosper, many small enterprises continue to remain healthy, boosting the economy further.
