Which Sectors Are Set to Soar? Find out here

Recently I wrote to you about ongoing pain in the retail sector, which begs the question, which are the sectors of our economy that are set for growth?

According to reporting in the Sydney Morning Herald, there are a new Lucky Seven, the new key areas of the economy that are insulated from pain as our economy transforms.

The Lucky Seven, according to the report, are:

1. CONSTRUCTION

2. FINANCE AND INVESTMENT3. SERVICE INDUSTRIES

4. HEALTH5. E-COMMERCE

6. MINING

7. OUTBOUND TOURISM

The report explains that the sectors mentioned above are those which are forecast to grow over the next three to five years and which small businesses can profit from.  These predictions are based on both short term and systemic factors affecting the Australian economy, including commodity prices, the Australian dollar, and persistent patterns in both traditional and online retail that have remained constant over the last few years and show no sign of abating.

So, what to do if your business is not part of this group?  Take heart that such future-gazing is notoriously unreliable, and know that these market conditions are subject to change – witness talk already about the boom in mining and minerals to already be over, while the simultaneous slowdown in China as well as the very slow pick up in the US economy are potential game-changers.

Moreover, building in enhanced levels of flexibility in both your market offering and the way in which you sell (shopfront and online) will only help you to build the tools you need to tap into market opportunities as and when they emerge.  We all need to emulate the best of the Olympic spirit that has gripped the world this past few weeks – fast, agile, flexible, adaptable, and willing to change our approach no matter what the obstacle might be, short or long term.

Are you in the Lucky Seven?  What are your thoughts on these predictions? Let me know.


Yours in PR

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2 Comments »

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