A new report by UK merchant payment provider, Dojo, part of the Paymentsense brand, reveals which global and UK industries have been the most affected by the unprecedented economic and social impact of the COVID-19 pandemic.
Using Yahoo Finance and public Purchase Intent data, the report analysed and ranked which industries benefited from the ‘unforeseen changes’ in their customers’ lifestyles during the pandemic.
It’s been a strange time for commerce as previously unknown companies have become household names; their industries becoming pivotal in post-corona life, whilst other industries have struggled to stay afloat.
Gaming booms as populations kept indoors by the pandemic.
Over the last few years, the gaming industry has seen continued growth as games have been picked up in pop-culture. However, the last 9 months has seen enormous growth for the industry, with populations around the world experiencing varying levels of restrictions, and looking for entertainment.
People were ordered to stay home for months on end, and in the UK many were furloughed from work with lots of time to kill. According to the Office of National Statistics, the first lockdown in Britain lead to an average increase of 26 minutes of gaming, per person, per day. Perhaps it’s unsurprising then that the gaming industry saw a 129% boost in sales worldwide over the whole of 2020.
The top industries that saw upwards of 100% growth since March
2020 – The year recreation was king
Many other hobby industries also boomed. Illustration & Editing Software (+156%), Photography (+138%) and Home Improvement (+122%) all saw huge growth, as people worldwide found other ways to fill their time, aside from creating TikToks.
Home Furnishing sales soared, topping the list of the fastest-growing industries as the public desperately sought to make their homes a sanctuary.
Home workouts also drove a 305% increase in the sale of sporting goods and clothing, due to the world’s new-found love for online workouts, fuelled by the likes of PE with Joe.
Jon Knott, Head of Customer Insights at Dojo said:
“Last year saw changing fortunes in the economy, which have forced retailers to face some of the toughest challenges in generations. Circumstances beyond control have led to rapid consumer shifts, that were previously unheard of.
A lot of retailers have pivoted in order to survive, with some understandably being unable to do so.
But we’ve also seen other businesses thrive during this time. Our findings confirm that whilst it may have been a tough year for everyone, many industries will come out of the otherside, with some maybe even stronger than ever in 2021.”
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