Australia is a beautiful country that has amazing nature and all the modern conditions for comfortable living. Some industries in this country are developing more rapidly than others. In this article, you will find info on what they are and the reasons behind their significant growth.
The Advertising Industry
The rapid development in many industries has created favorable conditions for new companies, also leading to a tougher competitive environment. To beat the competitors, businesses opt for services of advertising companies, which leads to growth in this industry as well. It is expected that it will reach $17.3 billion by 2021 at a 1.9% annual growth rate.
At the same time, investment in newspaper and television advertising is expected to decrease by 8.9% and 4.7% respectively as a result of the increased popularity of many Internet channels, such as Facebook, YouTube, and more.
The Entertainment Industry
The Australian entertainment industry is much larger now than it used to be. Its annual growth rate is about 2.9 %. The industry is generating about $36 billion every year.
However, it is worth noting that not all entertainment services have increased at the same rate. For instance, the volume of some traditional media entertainments has decreased. Players can now easily register at online casinos and enjoy a great time. PlayAmo Casino Australia is only one of the many gambling venues that local gamblers can access in desktop and mobile versions.
The population of Australia keeps growing, and the number of aged people also increases. This has boosted the healthcare industry. A larger volume of investment is spent on infrastructure, technology, etc. This ensures a better patient experience, more accurate diagnosis, and more effective treatment plans.
The Manufacturing Industry
Australia has a developed manufacturing industry, which generates $100 billion annually. 48% of manufactured products are exported. Thanks to innovations, automation, and digitization, the operations in the industry have been changed significantly. The other reasons for such growth are greater use of renewable energies and focus of Australian buyers on locally made products.
Although the hospitality industry has been seriously affected by the lockdown due to COVID-19, some segments kept steadily developing and growing. Since supermarkets kept working, the manufacturers and suppliers of grocery and food were working non-stop.
Additionally, lots of online food retailers have appeared, and this sector keeps growing as well because many people appreciate the convenience of purchasing various products on the Internet. Due to the extensive busyness, customers more often prefer prepared meals. With such products, they do not have to spend much time on food preparation.
Generally, the Australian economy keeps developing, while some industries grow at higher rates than others. While COVID-19 has affected many land-based businesses, it allowed lots of companies to earn money from online operations. In particular, online and mobile gambling has become one of the most popular entertainments for Australians during the lockdown. The development of technologies has also boosted an increase in various industries, such as manufacturing.