05 Oct Key Sectors to Watch During the COVID Crisis
About half of Americans are suffering from clinically significant signs of depression or anxiety thanks to the COVID crisis and its fallout. The mental health aspects of this crisis may be even worse than the physical health toll. But it is not all doom and gloom. We’ve all heard the advice never to let a good crisis go to waste. That’s advice that was tailor-made for a time like now. There’s good news to be found here, if you’re willing to look for it. Some sectors are thriving, and others are proving their mettle. Here are some areas to watch as the crisis unfolds.
Outpatient Behavioral Health
With so many people facing mental health issues in the wake of this crisis, we can expect that outpatient mental health will go into overdrive—especially when clinicians are able to deliver services via telehealth. We may finally see an end to the stigma that was once associated with seeking mental health help, as more and more Americans come to grips with the challenges of months of living in isolation and fear.
Any business that can serve its customers without physical contact stands to benefit during this crisis. Consider the humble express car wash. Suddenly it may come into its own, helping drivers have shiny cars even when all those cars do is sit in the driveway. Look also for growth opportunities in smaller businesses that offer porch pick-up, contactless delivery, or virtual support.
The crisis has firmly entrenched our cultural investment in good health. Many people may be looking to get healthy during the pandemic via virtual trainers or fitness services. When COVID ends and the doors of local gyms fling back open, the fitness industry will likely see a significant resurgence.
Any tech company that enables better online access, virtual meetings, and secure online transactions stands to grow during and after the pandemic. Look to tech-enabled services to be one of the biggest beneficiaries of the pandemic. Investors are throwing money at these companies, which will allow them to grow in the pandemic and beyond.
A Word of Caution
Most sectors will continue to struggle during this pandemic, but all recessions eventually end. In the long-term, we should expect that most niches will experience revivals. Businesses that are able to weather the storm—even those that face downturns during the crisis—prove their worth, and their stability. These companies may grow and thrive on the other side of this crisis. Owners should consider buckling down to ride out the storm, so that they can sell for a higher price on the other side of the crisis.