The global Covid-19 pandemic has changed the world and business. Some changes will be short lived, while others will outlast the pandemic itself. From a business perspective there are Covid-19 winners and losers.
Whilst in lock down the losers are easy to spot – restaurants, cafes, pubs, gyms, petrol stations, physical retail stores, tourism operators, hotels and motels, personal grooming services, childcare providers, physios and chiropractors to name a few.
Others that have been impacted include:
- International / inbound tourism operators – airlines (obviously), experiences, car hire, motor home hire etc
- Those associated with events, conferences, weddings, and sporting events (rugby and the Americas Cup are obvious losers), including venues, caterers, organisers and so on
- Landlords – especially commercial and retail landlords, as businesses downsize / work remotely / move to an online business model
- Industries reliant on migrant workers, such as seasonal fruit producers and au pair agencies
- Businesses reliant on international students such as educational institutions and accommodation providers
- Businesses reliant on any of the above as customers, international air freight for supply, and/or discretionary spending.
On the other side of the coin there are Covid winners such as PPE gear providers and specialist cleaners, grocery chains and supermarkets.
Other winners include:
- All things IT – equipment and support providers, website designers, digital marketers, internet providers, cyber security specialists and so on
- SAAS – think Zoom, Microsoft Teams, cloud data storage etc
- Exercise equipment such as home gym equipment, bicycles, and electric bikes
- Athleisure clothing (Nike, Lululemon, Lorna Jane etc)
- On-line retail enabled businesses (Amazon et al)
- Garden suppliers and support industries
- Craft suppliers and support industries
- Pets – pet insurance, accessories, grooming, and adoption services are all booming
- Cosmetics (as a result of maskne)
- Online entertainment – gaming and Netflix are big winners here.
Business will not revert to the old normal
There are always winners and losers when there is a historic shift such as we are experiencing now. The post Covid-19 world will be very different to what we knew before. Understanding how these changes will affect our own businesses is vital.