Obviously for many of us, 2020 is a year that we’ll be happy to put behind us. Reduced consumer spending, bottlenecks in supply chains, phased reopening rules, and a thousand other factors have caused businesses to either shutter, or drastically hunker down. But certain other businesses have thrived during the pandemic, either because their business models were naturally boosted by millions of people being required to stay home, or because they were able to pivot in a way that has allowed them to thrive. For small elite groups, COVID-19 has been a boom.
Digital / e-Commerce
Businesses with a focus on digital or e-commerce are naturally situated to thrive in our current world. However, it does seem like most of these types of businesses happen to be run by large companies, and often pay low wages or even rely dubiously on “independent contractors”. Zoom and DoorDash aren’t exactly mom-and-pops.
Estate planning has increased greatly during the COVID-19 pandemic. This may be due to the scare of death with the coronavirus. People may also be getting around to completing a task that got set to the side during quarantine. Either way, people have been looking to make or update their estate plans.
Construction, Real Estate, & Home Improvements
Being stuck at home is causing people to spend heavily on home improvements. Most pool companies are booked out for a year or longer (with delays being caused by a bottleneck of pool materials and components). The construction industry is booming as well due to people getting around to all the projects, they have not had time to get to. Or people are investing into building new homes or second homes on a lake. Throughout all of this, the real estate market is still booming, with massive increases in value to houses situated on a lake with pools or those located in the country.
Other businesses that have a natural social distancing component to them are booming as well. The golf industry is having its best year ever. And good luck trying to buy a new bike right now or finding an available cabin in the mountains. The at-home fitness industry has had a fantastic year with everyone buying gym equipment from pelotons, work-out apps, weights, and yoga blocks – many stores can’t keep them in stock.
Making Lemonade Out of Lemons
Some businesses have taken lemons and made lemonade. Their ingenuity has allowed them to prosper, even in industries that have otherwise taken a massive hit. Restaurants that quickly pivoted to online ordering and curbside pickup, along with great food and clever use of social media have maintained or even increased their profitability in 2020.
These booming industries are really talking about it because they’re either embarrassed or ashamed and don’t want to offend others whose businesses have been affected negatively by the virus. However, it is important celebrate the success and innovation these companies have produced amidst the global pandemic.