The post-pandemic economy is going to look different, with specific business sectors expected to grow much faster.
Consumer Insights Show Growth Trend
L.E.K. Consulting released a business report called "The Great Reopening and Priority Reset: Consumer Insights" based on a survey of 1,000 US consumers earlier in 2021. The business report expects that company activity in travel, driving, cooking, and electronics is expected to grow later this year. In particular, the report finds that 14% of millennial and Gen Z Americans expect to take more trips. However, the airline business may not fully benefit because 29% of Americans are interested in driving to their destination. In addition, the business report found that spending on pet supplies is expected to increase.
Slow Travel and Luxury Drive The Travel Business
Many travel company owners suffered significant business losses due to the pandemic. As a result, many travel company owners are looking forward to the post-pandemic environment.
“50% of our travelers are booking last minute and traveling within two to three weeks of their departure date. The other half are booking for the spring and summer of 2022. Pre-pandemic, the numbers were three to eight months in advance,” Craig Zapatka, co-founder of Elsewhere, told Startup Savant in an interview. “Slow travel is also on the rise. The typical American vacation often lasted eight to ten days, and the travelers would hop between cities every two nights. We see longer stays in the same city and accommodation,” Zapatka added. Elsewhere, a digital travel company, is raising money and plans to open an office.
The luxury segment of the travel business is increasingly emphasizing exclusivity. “I am seeing brides getting married abroad with smaller, more intimate weddings with only close friends and family. They are also opting out of staying at a traditional resort for a complete buy-out of properties. I am also seeing many of my luxury clients are opting to fly private,” Courtnie Nichols, CEO of TravelBash, shared with Startup Savant. TravelBash is a destination wedding concierge company.
The Booming Pet Business
There has been an increase in pet adoptions in the United States (US) and other countries during the pandemic. According to a survey from Rover.com, dogs are the most popular pet to adopt, followed by cats. The same survey found that adopting a pandemic pet improved their well-being physically and mentally.
Yet dealing with pets while working from home is a challenge for some business professionals. “During lockdowns, people had more time to pay attention to their pets' needs and demands. Our product, the Try Run Ball, helps a dog to get tired within 10 minutes, which is beneficial for the people working from home, Leo Gomez, founder of Try Runball, a pet product company, commented to Startup Savant. Runball is a dog exercise toy made of a ball and rope.
The way people feel about their pets is also starting to change. “We see a strong 'humanization trend,’ where many pet parents are ensuring their fur kids have the best, including a desire for organic, natural ingredients that are free of additives,” Patra de Silva, president of NHV Natural Pet Products, shared with Startup Savant. NHV Natural Pet Products offers plant-based pet products.
Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.