Which 5 product/service categories do you think will show growth and which will see little or no growth post COVID-19?
Jul 7, 2020
As a global independent agency network with clients covering most sectors, you can imagine the range of responses we received from our Members and Partners to this question from our post Covid-19 research.
Looking at the categories that our network believes will show growth, Food was a category mentioned by many, including food services and ready to eat/packaged food.
Our Member agencies expect an increase in growth of local businesses, and in Fairtrade, whether that be local grocers, florists, farmers etc.
As expected, our findings indicate Retail e-commerce will see growth. According to an Adobe report released last month, COVID-19 has massively accelerated the growth of e-commerce by 4-6 years. Forbes state that total online spending in May hit $82.5 billion, up 77% year-over-year.
Healthcare was a category which was mentioned time and time again. Health and wellbeing, health programmes and fitness were highlighted to expect growth.
In the UK Netflix more than doubled the number of subscribers it expected over a 3-month period with people signing up during lockdown, and in the USA average weekly Netflix usage rose 72% since the pandemic began. Today, there are over 100 different streaming services with new-comers such as Disney+ who launched just in time as lockdown’s came into force around the globe. So it’s no surprise home entertainment is expected to see a rise, in the eyes of our Member agencies.
Our findings indicate that clients working in the Gaming industry should also prepare for some growth. According to Business Wire , the in-game advertising market is expected to grow by USD 10.97 billion during 2020-2024.
Categories where Tribe Members and Partners believe will show little to no growth include; hospitality, cosmetics, construction, property, luxury and retail stores, arts & events, festivals, HR & interim, energy, media, manufacturing and automotive.
Tourism and travel were mentioned by some who expect it to have little to no growth, however some agencies anticipate certain areasof tourism to see growth such as domestic tourism, rural tourism and nature & adventure tourism. Local tourism was also mentioned by various agencies who expect it to have some growth in the following months.
If you are interested in becoming a Member or Partner of Tribe Global or would like more information about how Tribe Global can help you, please get in touch.
Email: elaine.miller@tribeglobal.net
Tel: +44 7725 410 436
Sources:
https://www.theguardian.com/media/2020/apr/21/netflix-new-subscribers-covid-19-lockdown
https://www.lek.com/insights/streaming-landscape-post-covid-19-world
