I think it’s fair to say that the majority of businesses are definitely not benefitting from the Coronavirus hitting us on a global scale. In fact, I would also argue that no one is truly benefitting from this disaster. The economy is in a slight downwards spiral, restaurants are closing their doors to the public, movie theaters and gyms are an absolute no go, and social distancing has become the norm. Beyond that, it has also messed with how we view and go about our world.
A minor example is that being stuck inside all day has actually resulted in my normally anti-social self craving human contact desperately. However, through all of these crashes (emotional or otherwise), there are actually several aspects of our industry in which business is booming. The more I looked into the topic, the more it made sense to me. These specific businesses should and are flourishing as we are all forced to quarantine and stay in our homes (to a certain extent). Here is what I hope will be an educational list on the certain areas in our economy that are defying the odds and rising rather than falling along with the rest of us.
- Grocery Stores
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I have to say, amid the panic buying of everything from toilet paper to an excessive amount of canned beans, this one makes sense. It’s simple, really. Regardless of whether or not people are being encouraged to shop less often and avoid public areas, we still all need to eat. In fact, one might argue that since there is a distinct lack of things to do while shut inside, eating may be one of the few joys we really have left at this point. Due to this (as well as the fear of a food shortage), people have been stocking up and grocery stores are doing very well.
- Delivery Services
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This is another one that doesn’t surprise me. I have always been fortunate enough to have parents that were willing and able to cook gourmet meals at home. Due to this, I both have a basic knowledge of cooking as well as benefit from these delicious meals whenever I return to my house for breaks. This has made quarantine time and its accompanying food ventures rather pleasant.
However, I know that many people either don’t know how, or never had the time to cook prior to this lockdown. Due to that, ordering in food may be a necessity. And beyond that, it’s always a fun thing to grab takeout. Regardless of the reason for the order, the traditional pizza and Chinese delivery businesses are flourishing in this time. However, this cannot be said for many smaller and more local locations, as they have been forced to close temporarily (or otherwise) for dine-in clientele.
- Wine and Liquor Stores
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With the majority of bars in the DC area closing, there seems to be a distinct and sudden lack of acceptable locations to just go out and get a beer. In order to get around this, many people seem to be resorting to stocking their liquor cabinets at home. According to JD Phelps, store manager at NYC Vintage Grape Wines and Spirits, his business has actually had trouble keeping up with the increased demand. I find it almost comforting to know that even if you take away the location and bar, the music and vibes, the fun and friends, humanity will still find a way to get their alcohol time in. After all, if one were to down enough drinks, perhaps the pandemic and lack of bar and accompanying friend would cease to be seen as an issue. Fun fact: according to CNN, Corona Beer has temporarily stopped production in Mexico due to extreme misinterpretation of the name and pandemic in general.
- The Gaming Industry
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One of the most recent and popular devices for Nintendo, The Switch, has actually become unavailable from Amazon, Gamestop, and most other retail locations due to the recent boom in demand caused by COVID-19. It seems to me that if we’re to be stuck inside all day without much to do, then the best way to get around that inconvenience would be to live virtually, as real life isn’t exactly the most thrilling option right now.
You can view possibly violent and dangerous situations through the protective screens of various consoles. According to Arstechnica, this increase in sales has also carried through to regular board and card games. This just goes to show how powerful a motivator boredom can be and how it can affect our supply and demand.
- Fitness Equitment Companies
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We’ve discussed the downsides of quarantine, including sitting still and not doing much for long periods of time without much social interaction. However, just because this seems to be a recurring theme in myself and my college-aged friends, it doesn’t mean that we can’t be productive. This is reflected in the dramatic increase in demand for at-home workout equipment. According to COVID19 Small Business Guide, Yoga mat purchases are currently the number one purchase. However, according to the Covid19 Small Business Guide, many small tech internet-connected equipment businesses are thriving due to the lack of gyms being open.
It’s strange to think that while the rest of the world is struggling, there are still certain aspects of our world that continue to thrive. Even those who weren’t thriving prior may have been given the chance in the form of this global pandemic. It will be interesting to see if things revert back to normal business-wise after this is all over, or if our current issues will have a permanent effect on these few select businesses.