Which businesses are doing well in the recession

Auto repair and maintenance shops rake in the cash during a recession when people will gladly fork over a few hundred dollars on repairs in order to avoid a monthly payment on a car loan. For the same reason as the two above, most people will think twice before getting a new computer, or a new phone.

Also considering that a new smartphone costs well over a couple of hundreds almost to one thousand they will want to repair the old one, till economic times are better. This head may seem a bit out of track because the topic was revolving around crucial things like money, finance, economies. But somewhere in our heads, we all know what exactly our hearts wish to do when err are depressed. We want to grab those 60ml pegs or vodka shots, expecting to forget our tensions.

So in times of depression, we see an ever-increasing growth in the following areas:. When we talk about happy hormones, we remember a famous scientific term called dopamine, a motivational chemical released by our brains.

Many beverages release this chemical, with alcohol being at the top of the list. That is why people tend to shed off their worries when they are drunk. How can we forget to put the liquor business when discussing how to deal with depression.

Though the government never has yet and will not approve any marketing of alcohol and tobacco products, the consumers never exhibit a lack of awareness. If not alcohol, the businessman suffering from sheer losses will end up choosing tobacco as an escape. It works the same way as alcohol does, intoxicating and numbing our logic and senses, hence helping our stress blow out for a while.

This term describes a nice place with loud music, unlimited choice of drugs, and intoxicants to delight yourself while you play the game of cards by betting handsome sums of money.

What else you need to relax from those ongoing business issues of your office. Probably this is how most of the wealthy yet ideal businessmen would like to spend their empty days. Economic downturns can be boom times for high-end escorts. After the dot-com bubble burst and again in late , the high-end women reported upticks in business when the housing market began to flatten.

Their clients were coming to them for a mix of escape and encouragement. The trick to surviving lean times is to be patient and do everything it takes to keep your clients. If you can keep your cool, you rarely lose money.

Have any questions about the upcoming recession? Let us know in the comments below, and I will gladly answer. My pain and regret is not coming across this piece of information on time.

I am into the events industry in the security department, and due to the adverse effect of the coronavirus pandemic the even department was hit so badly. Well, no information is waste and no knowledge without power I think I have diversify my career reach in other to be versatile in case of any eventuality! We also have a customer for digital marketing services in the events industry that had to shut down completely.

As a piece of advice for you I would reduce the costs at the minimum, putting the business into conservation mode till and focus on other business opportunities until you can reopen. Some businesses even benefit as consumers cut back on substitute products and other competing options.

For this reason alone, a cleaning service is recession proof and will continue to do good business during an economic downturn. The list of organizations that require regular cleaning services include any and all medical and care facilities, stores and shopping centers, beauty salons and spas, restaurants and other hospitality venues, plus all recreational facilities and public spaces where people gather.

An interesting twist when compiling a list of recession proof businesses is the inclusion of the tattoo parlor. There are many items which are consumer staples such as toiletries whose sales remain steady during a recession. There are also several other types of retail which also does well even when the condition of the economy suggests people should be buying less.

Luxury Retail: The consumers of this retail market are already wealthy and financially secure to begin with and will usually only be marginally affected by a recession. Businesses serving these customers can expect their sales to remain fairly consistent.

Discount Stores: At the other end of the financial spectrum are those people who are massively affected by recessions and need to make a lot of changes to their buying habits. A recession will typically see an influx of new customers to discount stores. Pawn Shops: People who sell items to pawn shops often see them as an excellent short-term loan option, while buyers of pawn shop goods are attracted to the cheaper goods. Both of these types of customers ensures pawn shops do very well during recessions.

Courier services are a lot less vulnerable to economic slumps as there will always be a need to send packages locally, nationally and internationally. A recession can even see courier services acquire new customers as businesses who usually deliver their own goods cut back on costs by outsourcing to one courier or another. The enduring success of the beauty industry as a recession proof business is actually far less to do with vanity than might be expected.

The name comes from the fact that it is especially applicable to the beauty industry. Hair salons: Hairdressing has long been recognized as one of the very last expenditures people are willing to sacrifice to save money. The advancement of Big Data, cloud computing and security for the likes of credit cards means that technology support is a job with high recession resistance. Recession or not, the need for a dignified last resting place after we reach the inevitable destination of all who journey through life will always be there.

Whether it is burial or cremation, the job of a funeral service will always be in demand regardless of the economy. There continues to be a lot to do for staffing agencies even when many companies are cutting costs and laying off staff.

Those cuts will be coming from industries heavily affected by a recession, but as you can see from this list, there are a lot of industries who thrive in such times and will continue to need more staff. Education and training courses are always in demand so a business providing such can continue to be successful during a recession. A lot of people will be losing jobs and trying to retrain in another area which immediately boosts the amount of consumers available.

By providing education and training courses, either on site or at home, these kinds of businesses can actually thrive off a recession while simultaneously helping the country get back on its economic feet. No matter what the economy is doing, digital marketing such as SEO, SEM, social media campaigns and email marketing will always be one of the most cost-effective ways reach new customers.

A recession will only magnify the low investment needed to generate more leads and conversions via a sound SEO strategy. Digital marketing also provides a wealth of other benefits besides bringing in more customers.

It is very flexible which allows a business to adapt to changing circumstances. A recession can indeed be an excellent time to start a business as the costs can be much lower than starting one during a boom period. Established suppliers, manufacturers and vendors that you may need to work with to start your business will be more likely to negotiate on their rates during a recession. If you can get a business idea like those listed above up and running during an economic downturn then you will have a great chance of achieving even more success once the economy recovers.

In tough economic times, people are less likely to purchase a new car. Instead, they'll repair their old car. Auto repair and maintenance shops rake in the cash during a recession, when people will gladly fork over a few hundred dollars on repairs in order to avoid a monthly payment on a car loan.

However there have been counter examples in recent recessions, such as the Cash-for-Clunkers program instituted during the Great Recession , which spurred a modest spike in new car sales. Many people will choose a do-it-yourself home renovation or upgrade rather than consider selling and moving during a recession. Depending on credit conditions, borrowing to buy a new home is often not an option for most people during a recession anyway. When economic times are tough, DIY activities of all sorts increase.

This effect may be even more pronounced during periods of imposed social distancing and forced business closures. Companies in the business of providing tools and materials for home improvement, maintenance, and repair projects are likely to see a stable or even increasing demand during a recession, as will many appliance repair service people.

New home builders, though, do not get in on the action. They are among the worst hit as bank lending gets tighter and home sales slump. It is more difficult to sell a home during a recession, but some people have to do it. People who specialize in home staging thrive as the housing market becomes increasingly competitive. Home staging specialists might be real estate agents or interior design professionals, or both.

A staging expert increases the appeal of a home by furnishing and decorating it to look its best to appeal to potential buyers. People who may not be able to afford to buy a home during a recession, and people who were forced to sell for financial reasons, still need a place to live. The answer for many, at least short-term, is a rental. Recessions also often lead to an increase of shared living arrangements and people moving in with parents or extended family members.

Rental agents, landlords, and property management companies can thrive during a recession when renting is likely to become a more appealing option, if not the only one available. For many, dining out during a recession starts looking like an extravagance. Supermarkets often see an increase in sales as people choose to cook more meals at home and even entertain their friends at home more often.

People cut back on luxuries during a recession but that doesn't mean they never buy anything that isn't strictly necessary. There's even a tongue-in-cheek economic theory called the Lipstick Index that argues that sales of cosmetics will always rise during bad times because they're a relatively affordable luxury.

That said, a great variety of other cheap thrills can be purchased at bargain and discount stores. People who otherwise never step into a dollar store rethink their shopping habits when a recession hits. Business Essentials. People always need to eat, and during a recession, they typically also cut back on eating out in restaurants and ordering takeout.

That makes grocery sales skyrocket even more. Like groceries, people need health care to live. Demand for healthcare may even rise during a recession as people seek help with mental health. Snickers and Three Musketeers were both introduced during the Great Depression. And during the recession, Cadbury reported record earnings.

When larger purchases like electronics, vacations and new cars are out of reach, people tend to console themselves with alcohol. Dollar Tree, Walmart and Ross Stores had some of the highest-returning stock during the recession.

Parents will cut back in other areas so they can still spoil their kids, at least a little bit. America loves its pets. Pets are big business, and those are businesses that thrive in recession. When we enter a bear market, everyone starts worrying about their financial future.

Individuals want to ensure their investments are stable or even invest in new opportunities.