The outbreak of Coronavirus and its spread in different parts of the world has no doubt had a great impact on the international economy.
Some companies have been forced to completely shut down while others have significantly scaled down their operations to remain afloat. The stock market and stock market and sectors such as hospitality retails and travel have been the hardest hit by the spread of the COVID-19 pandemic.
Nonetheless, there are some sectors that are weathering the storm. They have increased productivity and are even making more profits than ever. Let us take a look at some of these industries that are thriving despite the negative socio economic impact of Coronavirus.
Supermarkets and grocery stores have experienced shortages for the past few months. This is because a lot of people are panic buying and stocking up items such as hand sanitizers, toilet rolls, non-perishables food among others.
Besides that, companies like Clorox that specialize in the manufacture of cleaning products and detergents have seen a rise in the demand for their goods as well as an increase in value in the stock market.
It is evident that despite many companies shutting down and others preparing to do so, those engaged in consumer goods businesses are having the best moments in business.
Healthcare and pharmaceuticals
The healthcare sector and pharmaceutical companies are also some of the thriving industries during this global pandemic. Countries around the world are burning the midnight oil in attempts to come up with the vaccine for COVID-19.
Companies that used to manufacture products for Ebola, HIV and other infectious diseases are now changing their focus towards the coronavirus. Companies such as Roche Holding AG are also involved in manufacturing testing kits for the virus.
In the meantime, Alpha pro-Tech Ltd has seen a surge in the demand for its manufactured masks and responded by scaling up its production capacity. Other companies that produce protective gear such as Lakeland Industries Inc., have witnessed a significant increase in stock market value.
With the rising demand for sophisticated equipment for COVID-19 testing, the fabrication industry is overworking to meet the demand from different healthcare facilities in the country and around the world.
Some of the existing equipment appear not to offer the best solution as far as testing is concerned. That’s why fabrication companies have been forced to increase their production capacity in order to meet the high demand – even going so far as buying new fabrication equipment.
The fear to go out coupled with forced quarantine orders has forced many people to turn to online shopping. Food delivery companies such as Deliveroo are becoming more popular as the demand for their services continues to grow.
In particular, Amazon is experiencing an all-time increase in online shopping for consumer goods. There has been an increase in the demand for items such as food supplies, sanitizers, and protective gears among others. Amazon has been described as one of the companies best-placed to cope with the current situation.
Social media platforms and home entertainment
The World Health Organization (WHO) has advised people around the world to practice social distancing in order to contain the spread of the virus. This means millions of people have to stay at home and that’s where entertainment services such as Spotify and Netflix come in.
A lot of free time at home means that many people also spend most of their time in social media platforms like Facebook, Twitter and Instagram. Besides that, most companies have advised their employees to work from home. This has significantly seen a rise in the use of video-conferencing apps such as Zoom and Slack.
The spread of the Coronavirus has gripped fear across different sectors – forcing governments and individuals to seek ways to contain the spread. That’s probably why professional cleaning companies have seen an increase in their services. These companies have been tasked with sanitizing restaurants, offices and even homes.
One of the companies based in Ohio admitted that they have been overwhelmed by the demand for sanitation services especially from medical facilities and commercial buildings since the COVID-19 outbreak
Despite the fact that most industries are closing down, there are still firms that are thriving despite the coronavirus pandemic.