The Covid-19 pandemic has sent the world into a spin (and not the normal kind!). Industries have declined rapidly across the last 3 years, and on the flip side, others have found their niche and excelled; forming our list of industries on the rise in 2022. Pandemic aside, it’s important to remember that situations outside of your control can adversely affect your business. From natural disasters to recessions, war, and of course, pandemics – you can adapt and change in these situations to try and survive, however, many factors affect whether this is possible in your unique situation.
This year alone we’ve seen great change. The world is beginning to open up again and we’re starting to learn how to move forward and “live in a Covid-19 world”. When we began researching what industries were thriving in 2022, a lot of the sectors on this list are thriving due to the changes inflicted by the pandemic. Changes that may have crippled them in 2020 or 2021, however, we are purely looking at this year alone. Let’s dive in (in no particular order)
Industries on the rise in 2022
- Travel and Tourism-based businesses
Businesses such as inbound tour operators, airlines and airports, resorts and travel agencies are starting to rise now that the world is opening up and allowing international travel. Alongside this, everyone has been saving their travel funds for the past 3 years and now have very itchy feet. Everyone is planning a holiday of some kind, and with travel being so up in the air (pun intended), travel agents are starting to thrive, as people trust them to handle their bookings over the big airlines and hotel chains. They’ve had a rough few years, however, the growth we’re about to see should hopefully make up for it.
- Renewable energy
The world is becoming more and more aware of our environmental impact. The desire for sustainable and renewable energy is strong within our younger population and is now becoming a hot topic in Government conversations. Sectors such as solar electricity and lithium and non-metallic mineral mining are seeing the growth that many forecast to continue. Click here to visit the International Energy Agency and read more about the world’s renewable focus and future goals.
- E-commerce businesses
For many businesses, shifting focus to online products and services was a means of survival during countless lockdowns and restriction periods during the pandemic. And now, for many people – this is the preferred way of doing business, as it is more reliable in this unreliable world. Consumers feel safer opting for e-commerce businesses over brick and mortar counterparts, and it also allows many businesses the freedom to operate from home and save on overheads such as rent, utilities etc. for their physical stores. Another important consideration is the fact that many workers want a flexible working arrangement now that they’ve spent months working from home during the pandemic. E-commerce businesses can allow employees to work from home, maintaining the work-life balance that they desire.
- Personal services
From event planning to house cleaning and food delivery, the focus on quality time means more people are willing to spend money on personal services. The great part about this is that for many of these businesses, no formal qualification is required. If you’ve got the drive and the skillset, there’s serious room for growth.
Whether you’ve moved a little further away from the hustle and bustle and want to build your dream home on a block of land, or perhaps you’re wanting to remodel your entertainment area outside, construction is a sector to watch as the year progresses. After spending a great deal of time in our homes these past years, and not being able to travel, many people are shifting their focus onto creating a home that they’re happy to spend a great amount of time in. Any business that adds value to a home, whether it’s construction, furnishings, or appliances may see growth in the coming years as well.
If you’re looking to buy a business, contact the team at Core Business Brokers today. We receive new business listings every week! Schedule your appointment with the team today to get the process started on your business purchase journey. Call us on (02) 9413 2977, or email Roy at [email protected] or Rad at [email protected] . Our team are excited to see what your future holds.
Source: IbisWorld, RMIT, Forbes