The current economic downturn may be bad news for most businesses. Still, it can provide an opportunity for new players to emerge and capitalize on consumer trends brought about by the COVID-19 pandemic. Look at history. The Great Depression brought us companies like Uber and Venmo. These startups ushered us into the digital age and established the gig economy, while traditional companies cut back.
Trends and studies that focus on recent growth in consumer interests showed these industries could be the next great hotspots for startups amid and post-pandemic:
Fitness and health
The coronavirus pandemic has served as a wake-up call for many to lead a healthier lifestyle. More and more consumers search for weight loss programs and even download health andfitness apps online. Stuck at home, consumers have become more aware of their fitness and started building healthy habits. But this doesn’t mean that gyms and wellness centers will become unpopular. As lockdown restrictions ease up, many people look forward to a mix of home workouts and safe group exercises at fitness clubs.
Startup opportunities aren’t only present in fitness tech, home workout programs, and hybrid gyms. There’s also a growing interest in organic, healthy cooking as more people became accustomed to home-cooked meals during the quarantine period. Another possible hotspot is the mental health industry. As mental health becomes a part of the conversation and a vital part of dealing with pandemic stress, we see an increase in the demand for teletherapy, mindfulness apps, and other digital mental health solutions.
The Nintendo Switch is flying off the shelves, and many other gaming companies see growing sales amid an economic recession. You can link this growth to the role of video games and online party games during lockdowns. They have provided people of all ages a welcome escape as other forms of entertainment, such as live sports events, cinemas, and theatres, shut their doors during the quarantine.
If you’re planning to open a startup, you can’t go wrong with a gaming company. Video games may take months or years to develop, but the market will continue to cling to games amid and even post-pandemic.
Being stuck at home for months has forced many Americans to take on DIY home projects. Some started their garden, while others have taken bigger projects to remodel their living room or add a home gym or office. Turning our homes into a multi-function property has become a necessity to stay safe from the coronavirus. It’s no wonder that residential construction materials and supplies remain to be in demand.
If you’ve been catering to commercial and industrial companies and noticing a dip in revenues, it’s time to create a new brand that serves the homeowners. The impact of the pandemic on home design is significant. Expect existing and future homeowners to look for home offices, gyms, multiple rooms, and big pantries, and then come up with products and solutions that can bring millions of dollars in revenues.
Every crisis comes with waves of bad news. But they are not all bad news—some are hidden opportunities. You only need to observe the trends and predict the next hotspots for startups.