The year 2020 will go down as more than a little unusual and it certainly brought tough economic times to many people and businesses. Yet, in the midst of the economic turmoil, some industries actually did quite well in the pandemic economy.
Here are a few of the top industries in 2020 that not only survived, but thrived, during the pandemic:
Think back to the grocery store shortages (and scramble for toilet paper) earlier in the year and it should be no surprise that the trucking sector managed quite well in 2020. In addition to greater grocery store demand, many people turned to online shopping while local stores were closed. This included not just the national and international shipments from places like Amazon, but also local grocery stores that started taking orders online and over the phone.
The demand for personal protective equipment (PPE) started within the medical field itself and quickly expanded to the general public. In addition to everyone simply exercising more caution, there were also “mask mandates” in many states that drove up demand for medical supplies.
A spinoff industry that arose in 2020 was the area of merchandising, as entities ranging from sports franchises and major companies, to nonprofits and other popular organizations began producing custom masks featuring their logo.
The economic uncertainty forced many people to re-examine their stock portfolios and make new assessments on what level of risk they could tolerate. A changed economy meant the need for altered investment strategies and many people consulted with a professional for financial advice in 2020.
As people were holed up and isolated, many found healthy outlets in gathering virtually with friends via technology platforms. Zoom, in particular, saw a massive increase in business. As it became plain that most people were not going back to the office anytime soon, these platforms began to be used for office meetings.
There were also communication platforms designed for specific industries that have a heightened need for security, such as medicine. Patients began consulting with their doctors and psychiatrists online and any platform used had to meet federal requirements for privacy. The same goes for platforms that were used in education.
With so much shut down, people found new ways of coping. Online gaming was already a highly popular entertainment option before the pandemic, and it skyrocketed in 2020. With people stuck at home, and traditional televised sports shut down in the early months of the pandemic, activities like playing poker or chess online became popular alternatives.
In addition, streaming services like Netflix, Disney+ and Hulu had a record-breaking year.
Other winners of 2020
Other industries that thrived in 2020 included:
- Cannabis dispensaries
- Adult beverage producers
- Grocery stores
- Delivery services (Amazon)
- Home fitness companies
- Pet supplies