When the Covid vaccine was released a year ago, many commentators anticipated that "the world would never be the same again".

Today, while developed economies are emerging from this crisis, the latest result publications of sector "leaders" Europe reveal the opposite: The Covid crisis has strengthened the "winners" to the detriment of the "fragile".

In transport, the misfortune of some makes the happiness of others. Leading low-cost companies like EasyJet or Ryanair have come out of the crisis stronger: their fleets are modernized, and they have more strategic slots at major airports, Brussels having required the big legacy airlines like Air France and Lufthansa to sell certain slots in exchange for a government bailout. These “zombie companies”, as the boss of Ryanair subtly calls them, find themselves weighed down with debt and handicapped by a long-haul situation which is much more uncertain than its low cost, short and medium haul counterparts (Ryanair, EasyJet).

Following its latest publication of results, Amadeus argued that airlines were going to increase the rate of IT function outsourcing in a post-Covid world. This has been mirrored by the increasing rate of reservation outsourcing in the hotel industry, a case in point being Amadeus’ recent contract with the Marriott group.

Finally, the consolidation of sector leaders in a post-covid world is also applicable to the luxury sector, where leading brands (Cartier, Van Cleef) announced post-covid results significantly higher than those pre-covid. The bigger picture: they seem to no longer need advertising to sell their products whilst second-tier brands (Burberry) are struggling.

As the author of Du Pouvoir Bertrand de Jouvenel wrote: "Revolutions give birth to strength and liquidate weakness"