While the economic impacts of the coronavirus are still developing, there are plenty of industries around the world who are already suffering major consequences. The airline industry, for example, is requesting a massive bailout with major US airlines such as American, Southwest, and United feeling the strain.
Fortunately, there are other industries that are thriving during this crisis and are helping to keep the world economy going.
What are some of these industries?
Many argue that a translation agency is largely a recession-proof and even pandemic-proof business. A translation agency is mainly an online business with translators that always work from home, which makes it a well-prepared business that can weather the COVID-19 storm.
Of course, not all translation agencies can claim an uptick in demand since it’s also a highly competitive industry with thousands of them around the world. But compared to other industries, there’s still plenty of business nonetheless in the translation industry.
The demand for translation services now is notably from researchers that need medical translators to translate the latest coronavirus research day by day. Governments and multinational organizations such as the World Health Organization (WHO) also need to have their public communication materials translated to major and even regional languages. The more you look into, the translation industry is indeed a highly essential industry in a global crisis.
With over a billion people (and climbing) on lockdown, many are turning to the entertainment world to keep them occupied when going outside is prohibited.
Streaming giants like Netflix, Amazon Prime, Disney+ and others are experiencing record highs during this time. In fact, the European Union recently requested that Netflix move all titles to standard definition in order to decrease bandwidth and keep the internet from crashing.
It’s no surprise that eCommerce is a giant in its own right and doesn’t need an international crisis to strengthen its footprint on the world.
With so many people locked inside and unable to head to the store or mall to purchase what they need, Amazon and other eCommerce players have stepped up to fill the void.
Amazon has delayed its Prime services, prioritizing medicine and other goods, but their warehouses and delivery services are still running to bring whatever you need to your doorstep.
Even though many people find themselves out of work or working from home, there is still a large part of the population that is heading to work as either essential staff or having to try and work remotely while managing their children at home.
During this time, the nation has seen a spike in the need for nannies and permanent babysitters. With no schools open or gatherings permitted, many children are left at home, forcing parents to make tough decisions.
Those that do hire a nanny or full-time babysitter should know that there are taxes on household workers and paying under the table is strictly prohibited by the IRS.
While common knowledge and parents have told children to “get away from the TV and go play outside”, many are now saying “stay inside and don’t head out”.
With so many people staying inside, video game services such as Xbox Live, Steam, Playstation Network, and Nintendo Switch Online are seeing a record number of players log on to battle it out over the web.
All of the above-listed platforms have their own online stores and gamers are buying plenty of digital copies, boosting sales and driving up numbers.
Similar to Amazon, there are plenty of delivery services that are still open and well during the pandemic. Food delivery, trucking, and more are still operating at a high capacity.
Food delivery services such as Just Eat, DoorDash, and Postmates are actually hiring during the crisis in an effort to keep up with the demand.
Even special services such as luggage delivery are seeing spikes around the world, as travelers struggle to get back to their home country and be with family and friends.
Online Education Platforms
It may be tempting to sit around and do nothing all day, but plenty of people are turning towards online education systems to learn something new online.
Not only are schools teaching remotely, but online platforms such as Udemy are offering free tutorials and discounted classes. Language learning platforms Babbel and Rosetta Stone are seeing a spike in sales as well.
Heading to the gym to lift or the park for a quick run is now out of the question, so people are having to get creative at home. Pushups and situps can get boring quickly so many people are turning to home workout apps and programs.
These apps and programs have seen a huge surge over the past week with more downloads likely ahead. Some require a one-time fee for download while others have a membership style pricing policy.
Perhaps the most obvious industry that’s thriving is the pharmaceutical industry. With many businesses racing to find a cure and develop testing kits, you can expect the business to be booming over the next few months.
While the stock market has also taken numerous hits, experts are predicting a boom in stocks such as Johnson and Johnson and Gilead who are still working hard through the pandemic.