When the economic bubble bursts and the market begins to trend down, businesses and families may suffer the repercussions. Yet even on a tight budget, there’s always room for a treat once in a while – and those treats can add up. Here’s what survives in a down economy.
Historically, alcohol has always been a big business even during economic dips. During the Great Recession, consumption and purchase of alcoholic beverages stayed steady and during the last recession, sales of alcohol in the US even increased by $2 billion. Booze isn’t the only vice that survives either, tattoos, tobacco, candy also seem to do well during downturns. Funerary services, taxes, luxury retail, and second-hand shopping have all shown increases as well, giving us interesting insight into the spending habits of Americans across all socio-economic levels. At the end of the day, it’s this very same consumer spending that keeps the economy afloat, comprising up to 75% of GDP.
See this infographic for more on what we can learn from businesses which excel in down economies and how other industries can succeed as well.