The Covid-19 pandemic has dominated much of the global economy since March 2020. At first, countries played down the severity of the virus, and it was thought that most would be able to escape the spread unscathed. One year later, we now know how wrong this approach was, and with vaccines now rolling out and hope to begin to return to the world, the global economy has shifted on a massive scale.
After a year of lockdowns and social distancing, entire industries have been turned upside in the face of the existential threat. As life slowly returns to normal, sectors begin to bounce back as consumers explore their returned freedoms. Thanks to a year of savings, most customers have built up savings and extra cash that they feel more comfortable spending.
A recent report from Credit Suisse shows that the number of millionaires globally increased by ten throughout the pandemic. With this type of liquidity available to consumers, sectors will be shaken with new cash injections.
Hospitality
Possibly the most significant causality of the pandemic, the hospitality sector has been wrecked after being forced to close its doors for much of 2020 and 2021. This effect has led many establishments to close their doors, irreversibly damaging local communities and tourist economies.
Now that lockdowns have been lifted, consumers are more than willing to go out and spend some of their increased capital after a year of being inside. This increased appetite for entertainment in the form of pubs and parties will allow the hospitality industry to get back on its feet after such a disastrous year.
Tech
Technology is one of the fastest-growing industries after covid 19. With everyone being stuck inside, sales of new technology have spiked. This has caused large supply chain issues across the globe, with the most acute symptom being the shortage of new game consoles. Even Apple isn’t immune to these effects, with reports of delayed MacBooks and iPhones due to silicon shortages.
However, the tech industry has been steaming ahead and consistently reporting record profits and growth even with these problems. Microsoft recently became the second company to hit a 2 trillion dollar evaluation, following Apple in 2020. While this kind of success was not entirely dependent on the pandemic, Covid only sped up trends that have long been in action.
Must Read: How is the pandemic changing marketing trends?
Tourism
As the UK government continues to trip over itself with constantly changing rules and restrictions around traveling, the tourism industry will be a boon when international travel is allowed again.
With revelers having access to more cash and reduced opportunities to travel since the pandemic began, a lot of pent-up energy will be released. Tourist destinations may be struggling financially, and this will change once the pandemic is well and truly finished. When people feel comfortable traveling again, a lot of money will be pushed back into these areas granting them new life.
After such unprecedented times, the world has been altered in many ways, some we may not even realize. As life returns to normal, now is a great time to begin investing in some of these sectors that will see growth as they return to normal.
Interested in growing your business? Contact us today!
+44 (0) 20 8617 9588 ( UK )
+1 347 781 4934 ( USA )
+880 1712646776 ( BD )
