4 Industries That Are Booming In 2020
As a result of the ongoing pandemic, this year has been rough on many industries. But there are some sectors that are experiencing unprecedented growth. In 2020, it’s key to look to these booming industries for ways to survive – and possibly thrive – in a time of upheaval.
This one’s a no-brainer. Beginning this spring, millions of people were suddenly forced to work from home. This made video conferencing platforms like Zoom and GoToMeeting go from being “nice to have” to absolute necessities. Zoom, in particular, has seen enormous growth, with an estimated 300 million daily users. In August 2020, the company reported that its total revenue had grown 355 percent year over year to $664 million in the second quarter. (Oddly, Skype, the previous heavyweight champion of the teleconferencing world, seems to have been left in the dust).
It’s tough at the top, however. Zoom has inspired hackers (remember “Zoom-bombing”?), which has led to security concerns. As a result, many companies have banned Zoom, opting for competitors such as Google Meet and Microsoft Teams. This year belonged to Zoom — but next year is anyone’s guess.
Thought Starter: Teleconferencing is just getting going. In the upcoming months, look for the meetings and events industry to fully embrace this tech in new and innovative ways. The goal is to create experiences that go beyond the usual “talking-heads-on-a-computer-screen.”
E-commerce was already growing in leaps and bounds before the pandemic. But now, it’s exploding, week after week. The future is now. Fresh data from IBM’s U.S. Retail Index suggests that COVID-19 has sped up the shift away from physical stores to digital shopping by about five years. Projections put e-commerce sales up 20 percent in 2020, with categories like home improvement, gift boxes, groceries and liquor seeing the biggest jumps. (Cocktail, anyone?)
In many ways, the cat is permanently out of the bag when it comes to online retail. Some retailers are even turning storefronts into e-commerce fulfillment centers. When the pandemic comes to an end, consumers will have become used to the new e-commerce reality. That means that brands need to adjust accordingly and make their online retail experience as seamless as possible. The competition will be fierce.
Thought Starter: Destinations should be watching what online retailers in their markets are up to and offering support and collaboration in any way possible. It’s not just good for the local economy. It’s also a great way to reach new online shoppers who may start to associate, say, their new favorite handmade soap with a particular destination.
Recreational Vehicles (RVs)
The RV world has been blowing up in 2020, especially in North America and Europe, and especially among millennials. According to a new ReportLinker study, the global recreational vehicle market size will reach $42 billion in 2020 — a big increase. There are also more ways for people to enjoy RVs these days. Companies like Outdoorsy and RVshare.com are pioneering in the peer-to-peer space. Meanwhile luxury offerings from Living Vehicle and Airstream are luring affluent consumers who might have never considered the RV lifestyle previously.
The reason for the recreational vehicle boom is obvious. RVs offer people the chance to hit the road safely and on their own terms. Having a home on wheels means that you don’t have to rely on hotels and restaurants on your road trip. The trend should stick around even after the pandemic; after all, many people will have bought their own RVs and will have fully embraced #RVLife.
Thought Starter: Destinations can attract RV-ers by offering discounts on local attractions, dining and beyond. Road-trippers of all stripes love a deal. Additionally, DMO’s can highlight great scenic spots for RVs on their websites.
There’s nothing more comforting than a pet in stressful times — whether that pet is furry, scaly or feathered. So, it’s been no surprise that the pet care industry has boomed in recent months. The recent American Pet Products Association (APPA) “COVID-19 Pulse Study of Pet Ownership during the Pandemic” showed that 21 percent of pet-owners have spent more than pre-pandemic on their four-legged friends. (There’s certainly nothing wrong with getting your furry partner in crime a nice new collar; check out these great ones from Clayton & Crume.)
And the number of pet owners is steadily increasing, too. Housebound people have been cleaning out animal shelters and humane societies, creating long waitlists for dogs and cats. A heartwarming piece of news during this crisis.
Thought Starter: With so many pet-owners wanting to get out and about, there’s an opportunity for in-real-life branded pop-up events that appeal to dogs and their humans. Set up in a park and invite pet owners out for a socially distanced experience …
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