What will go up in a down economy?
When the budget gets tightened, what items keep their spot on the shopping list? Even as signs of another impending recession loom on the horizon, there are simply some businesses that do better than others when the economy takes a downturn – here’s how they manage it.
During the Great Recession, beauty products and cosmetics outperformed the wider market by 45%, with sales increasing even though the last three recessions in the US alone. Alcoholic beverages also seem to do well amidst economic turmoil as sales actually increased by $2 billion over the last recession. So what is it that sets these particular industries apart? For starters, they know their business and their consumers well and build sharp, tailored ad campaigns to keep brand names always fresh in the minds of consumers. Internal spending is monitored carefully as are strictly enforced budgets. At the end of the day, survivable industries focus on doing what they do best: affordably filling needs and providing services to consumers no matter the state of the economy.
What can you do to stay on top even in a down economy? Let’s check in with some of the industries that thrive during economic downturns, learn from what they do, and apply it in our own business, detailed in this infographic below.