The Fastest Growing Industries That Benefited from COVID-19
A new report by UK merchant payment provider, Dojo, part of the Paymentsense brand, reveals the global and UK industries that have been the most affected by the unprecedented economic and social impact of the COVID-19 pandemic.
Using Yahoo Finance and public Purchase Intent data, the report analyzed and ranked the industries that benefited most from the ‘unforeseen changes’ in their customers’ lifestyles during the period March to November 2020 of the pandemic.
Some previously unknown companies have become household names; their industries becoming pivotal in post-corona life, whilst other industries have struggled to stay afloat.
But as we enter yet another new year in 2021 and new lockdown measures are enforced again in parts of the world like the UK, which companies and industries are the ones to watch?
Home furnishings sales have grown almost 500% worldwide since last March.
With orders to stay home for months on end, it’s unsurprising that Home Furnishing sales soared as the public desperately sought to make their homes a sanctuary.
Populations around the world have experienced varying levels of restrictions, including a spate of national lockdowns, forcing a global shift in consumer habits.
Home workouts also drove a 305% increase in the sale of sporting goods and clothing, due to the world's new-found love for online workouts, fueled by the likes of PE with Joe.
Other top industries that saw upwards of 100% growth since March
Other industries globally that saw upwards of 100% growth since March 2020 include Mail Order Catalogues (349.2%), Sports Clothing & Equipment (305.8%) and Building & DIY (287%).
Rank
Industry
Ave. % change from March to Nov
1
Home Furnishing
458.3%
2
Mail Order Catalogues
349.2%
3
Sports Clothing & Equipment
305.8%
4
Building & DIY
287%
5
Silver
174%
6
Illustration & Editing Software
156%
7
Car Parts
141%
8
Electronics
141%
9
Photography
138%
10
Fintech
135%
11
Toy & Crafts
130%
12
Comms Tech
129%
13
Gaming Activities
129%
14
Campervans & RVs
126%
15
Home Improvement
123%
16
Telecoms & Mobile Networks
118%
17
Ecommerce
113%
18
Copper
110%
19
Medical Diagnostics
109%
20
Home & Kitchen Appliances
109%
21
Cleaning Products
107%
22
Gold
107%
23
Resorts & Casinos
101%
New hobbies and gaming are still the go-to boredom breakers
Illustration & Editing Software (+156%), Photography (+138%) and Home Improvement (+122%) all saw huge growth, as people worldwide found other ways to fill their time, aside from creating TikToks.
Gaming Activities, aka online gaming, also enjoyed a 129% boost in sales, making 2020 the year recreation was king.
Supermarkets grew by 6% in the UK
In the UK, purchase Intent has seen a surge in online shopping & soft drinks industries:
Rank
Industry
Ave. % change from March to Nov
1
Supermarkets
6.0%
2
Online Shopping
4.9%
3
Mixed Goods Retailers
4.9%
4
Soft Drinks
3.3%
5
General Insurance
2.5%
6
Utilities & Services
2.5%
7
Domestic Appliances
2.3%
8
Property
2.3%
9
Alcohol
1.7%
10
Health & Beauty
0.6%
11
Sports
0.4%
12
Chilled/Frozen Foods
-1.1%
13
Consumer Electricals
-1.3%
14
Life Insurance, Pensions & Wealth Management
-1.4%
15
Car Sales, Service & Fuel
-1.7%
16
Hotels & Cruises
-1.8%
17
TV & Radio
-1.9%
18
High Street Fashion
-2.3%
19
Leisure & Entertainment
-3.2%
20
Snack Food
-3.3%
21
Credit Cards & Payment Services
-3.5%
22
High Street Fashion
-4.2%
23
Airlines
-4.5%
24
Cosmetics & Skincare
-4.7%
25
Pubs & Fast Food
-6.5%
26
Transport
-7.4%
27
Banks and Building Societies
-8.1%
Meanwhile, UK property industry saw growth of over 2%
The UK was one of the worst hit among major economies in Europe in the wake of the coronavirus. While some industries have been left decimated by this, UK Supermarkets sales increased the most by 6.01% since March.
Online retailers who opted for mega-sales paid off with the industry seeing just shy of a 5% overall growth.
And thanks to the UK Chancellor of the Exchequer (equivalent to the Finance Minister in other countries), Rishi Sunak’s stamp duty holiday, Property grew by 2.31% in just eight months.
Brits swapped cosmetics for care
Unsurprisingly, the restrictions on movement across the country have caused travel, car and fuel sales to decrease by 1.7%.
Cosmetics and skincare products have also plummeted by 4.68% as Brits and many people across the world opt for a more natural look for zoom calls.
However, Healthy & Beauty has seen a 0.6% uptake suggesting that in a time where social events are restricted to webcams, people have become less interested in covering up imperfections, and more interested in maintenance and self-improvement.
Jon Knott, Head of Customer Insights at Dojo said:
“Last year saw changing fortunes in the economy, which have forced retailers to face some of the toughest challenges in generations. Circumstances beyond control have led to rapid consumer shifts, that were previously unheard of.
A lot of retailers have pivoted in order to survive, with some understandably being unable to do so.
But we’ve also seen other businesses thrive during this time. Our findings confirm that whilst it may have been a tough year for everyone, many industries will come out of the other side, with some maybe even stronger than ever in 2021.”
