September 1, 2021
2021 has proven a struggle for many industries to regain their footing from a chaotic year. Some industries, such as hospitality, are still recovering. Though unemployment for the hotel sector was reduced from 19.9% to 13.8% from March to May, the industry still faces trouble ahead.
For an insurance agent, following the most successful industry can lead us to our next client. But what industries are thriving this season? Let’s analyze a few sectors that are seeing an uptick.
Despite the mandate to stay indoors, the landscape and lawn service sector was one of the most stable industries in 2020. Sure, like most industries during the COVID-19 lockdown, home services suffered. However, unlike many others, the sector bounced back to normal rather quickly with far less unemployment. The fact that the job is outside and advertisements from social media helped businesses in the field survive. However, contract jobs did see a decline of -17% year-over-year in April of 2020 compared to a typical resilience of one-off jobs. In all, the industry is ripe for the picking as far as new insurance clients.
No industry was hit quite as hard as restaurants in 2020. Indoor dining was banned, and restaurants either needed to resort to delivery services or shut down. Restaurants are still recovering, with many resorting to reduced menu items and staff, but there is a silver lining. Sales have steadily begun to rise since the introduction of the COVID-19 vaccines, leading to sales of $70.6 billion in June. More customers are returning to their favorite places, restoring numbers above the $66.2 million in sales seen in February 2020. With this slow rise in recovery, the food industry is worth keeping an eye on this season. Need help attracting restaurant clients? We have a blog for that!
Though the pandemic hit the landscape and restaurant businesses pretty hard, one industry only saw a 6.1% decline between 2019 and 2020: CBD. Despite this decline, the industry was valued at $2.8 billion in 2020 and is expected to grow 21.2% between 2021 and 2028. The therapeutic qualities of CBD and availability in 47 states helped maintain sales. Not only that, but with people stuck at home, there was more time to consume CBD and medical marijuana products. Though the industry is still relatively young, it made it through the pandemic like a champ. Need help attracting clients in the CBD and medical marijuana industries? Again, we have blogs for that! Check out our blog to attract CBD clients and our other blog for medical marijuana at the provided links.
Even though COVID-19 hasn’t entirely left us yet, industries are starting to make some comebacks. Keep an eye on the lawn care, restaurant, and CBD industries for new potential clients! Normandy Insurance specializes in these industries and more. If you are interested in joining our team or if you are a company in one of these industries, please check out our website for more details: www.normandyins.com/index.html