The economy is unpredictable and there is even a whole sector on economic science, the so-called behavioral economics, that deals with how people choose what they will buy and what determines their consuming habits.
Here are some industries that did extremely well in terms of profit.
- Educational institutions
Education has been for many years a very profitable industry. Some years this would not even be an option. Even though education was traditionally provided to the rich and wealthy of the world, it was never offered to the majority of people. Regardless of the cost and the margin profit, an institute can have from providing education to an individual the important thing here is the pool of customers. Nowadays, more and more people reach educational institutions seeking knowledge. The number of applicants wanting to graduate school has increased significantly. The reason for that is no other than the fact that degrees give them further access to job opportunities and are therefore treated as investments.
- Personal development
A common value that rules most people in modern societies is the concept of individualism. People care a lot about themselves and believe that change comes from within. Therefore they are mainly focused on changing the realities within themselves rather than changing the external conditions that can change their life. Taking this into consideration they are willing to spend time and money on how to become better. In other words, they see themselves as an investment. This view carries some truth. At least as far as employers are concerned, they are quite interested in the skills of their employees looking at them as an investment. At all levels, people are familiar with this point of view and want to further improve themselves for their own good. A new industry setting its grounds providing mental guidance to psychiatric therapy and consultancy to many individuals who want to know themselves.
- Medicine and health
Even though health is the most important issue for most people, people did not always have the luxury to pay extra attention to their health. Doctors were to treat serious conditions and cases where someone had a particular disease or suffered an injury that would threaten his life. However, today it is so much more than that. Supplements and certain types of work-out come to take advantage of the natural instinct people have to keep their bodies healthy. The fact that health was strictly related to beauty helped the industry around health evolve, even more, leading big companies to turn into giants and control the world’s economy.
For a few decades technology was a very crucial part of the world people lived in, but no one would expect the market to enter every household around the globe. Businessmen would spend some capital on technology to equip their factories, but the average person would be lucky to even own a car. No one would expect such an increase in the sales of items related to technology. The big peak came with the internet. Giving easy access to everyone to enter the cyber world came as a surprise for our society. The next step would be to purchase products that would allow them to connect. When social media and online shopping appeared, technology even became addicting leading to further purchases in the particular industry.
- Personal amusement
Traveling in the past was only for business or an emergency. As technology evolved people were given the opportunity to travel at lower prices. Surprisingly this is even captured if we have a look at the literature of the time. Many writers would make detailed descriptions of places they had been. This was extremely interesting at the time because most people hadn’t traveled and they were eager to find out what happened in other parts of the world. Once flights were accessible to everyone the interest of the reading public on how exotic places looked decreased and authors changed their way of writing. Before Covid-19 appeared tourism was the most growing industry in the United States. From sightseeing transportation to air tickets the money was big. At the same time, concerts, theaters, and amusement parks also showed a peak. But even when people had to stay in their houses entertainment still hell a big share of the pie with gaming leading the industry.