There are business sectors that do quite well during the good times, like tourism, fine dining, and casinos. But many of these boon-thriving industries fail to perform well during the hard times. These are the top ten most resilient industries.
1. Fast Food. When the economic times are hard, no one wants to spend more than twenty dollars for a meal. People tend to go to fast food chains to have lunch or dinner at a friendly price. They dont mind high carb or high fat content of the food. They just want to eat! Many fast food restaurants offer combo meals that provide savings for customers. Value meals during recession are more than attractive. No wonder McDonalds was doing great during the recent recession.
2. Film. The movie industry has proved to be more resilient than most other industries out there. Going to a cinema seems a lavish expenditure during a downturn, but people prefer watching a movie to buying a DVD copy of it, which is a more expensive recourse. Not only did people go to cinemas but also did they rent movies online. Online movie rentals increased during the recession. Many people realized that it makes more sense to just rent a film than to buy a copy. Anyway, they would only watch it once or twice.
3. Junk Food. It so happened that more people tend to buy snacks when the economy took a free fall. Candy makers, soda companies, and chocolate manufacturers all saw increased sales during the recession. Psychologists believe that having a piece of candy or a bar of chocolate makes you look back to a simpler life.
4. Energy. People didnt stop consuming electricity or gas during the recession. In the modern world, it is hard to think of existence without needing energy sources. Even though people had to save on electrical consumption during the recession, the energy industry remained alive simply because you cannot live without TV, fridge, washing machine, and internet.
5. Virtual Assistance. More people are acquiring work online. As business owners wanted to cut back overhead, they had to farm out much of the office work. This is why the terms virtual assistants and virtual secretaries became popular.
6. Online Selling. Many online stores also saw a boon during the recession. During the recession people spent more time indoors. Shopping at brick-and-mortar shops was like a grave sin. They instead turned to online shopping, which is more convenient. Its also easy to spot promos and discounts online.
7. Repossession. Many people were not able to pay dues on items bought on installment payment basis. Failure of payment leads to repossession of an item. The seller or company usually hires a repossession agency to handle the recovery of the item.
8. Repair Services. People had to save money during the downturn and they were reluctant to buy new things. Broken phones or faulty cameras were likely to be sent to repair shops instead of be replaced with new ones.
9. Health Care. The need for health care services did not stop during the recession. People still needed to go to their doctors and buy medications. No one wanted to ignore their health concerns.
10. Education. The rise in unemployment did not deter young people from going to college and pursuing higher education. Even professionals had to go back to school to earn more skills.