The COVID-19 pandemic has affected the lives of almost everyone around the world. Businesses have been forced to close shop because they were unable to survive the resulting economic recession. These closures have resulted in the unemployment of millions of workers globally which will soon, if it has not yet done so, severely impair their capability to provide for themselves and their family.
Several industries were significantly affected by COVID-19, the more notable of which was tourism and its related beneficiary industries like air travel, cruise ships, hospitality services, hotels, casinos, etc. People voluntarily or by regulatory policy staying home played a major role in the decline of this industry. Regulations of different countries that either banned or restricted entry of foreign nationals was another factor.
Sports and entertainment were also hit hard by this pandemic again because people stayed home for non-essential activities, but also because social distancing prevented the gathering of crowds in event centers, movie houses, concert halls, and the like. Social distancing meant that not enough tickets could be sold to justify movie screenings, concerts, sporting events, and almost all big events.
Public transport (buses, taxi cabs, ride-sharing, subways and trains) have been hit hard also because of people mostly staying at home and social distancing, which reduces the riding capacity.
There have been industries, however, that have continued to flourish under the threat of COVID-19, both essential and non-essential. These include:
- Internet Services. Since stay-at-home and work from home (WFH) was the norm for the pandemic, the demand for iInternet bandwidth has significantly increased, driven in large part by the increase of social media platform usage, online gaming, video streaming applications, online education, online shopping, digital advertising, etc.
- Retail Delivery. The demand for home deliveries has taken off during the pandemic. People prefer to order food and other essential goods through online shopping platforms or social media marketplaces and have them delivered door-to-door. This has resulted in alternative income opportunities for individuals who have their own vehicles. They sign up with retail transport and delivery apps and get paid per delivery.
- Food. Everyone must eat, pandemic or not. This is the reason that the food industry continues to prosper despite COVID-19. Included in this industry are baked goods like bread, pastries, and the like, so exploring bakery franchise opportunities is a wise move.
- Home Essentials Retail Stores. The long lines at supermarkets and groceries even during the pandemic is evidence that this industry is not affected by COVID-19. People need home essentials regularly and would like to purchase most, if not all, of these in just one location. While there are online options to do this, people still prefer to handle the items that they would like to buy.
If what several experts are saying is true, it looks like COVID-19 will be with us for the foreseeable future. We will have to live in the “New Normal”, which means wearing protective gear to prevent infection or spreading it, observing physical distancing, and regularly observing disinfection and sanitizing procedures. Some industries will remain depressed during this period, but some industries will live on and even grow. Food will always be a safe bet, and exploring bakery franchise opportunities may give you the chance to recover your income-generating capabilities.