It seems another recession is looming due to the measures unveiled to combat the COVID-19 outbreak. And while the businesses of many sectors are bracing themselves, there are certain industries that are generally impervious to the negative contractions brought about by economic decline. Read on as we now provide a few examples.
Online Gambling Industry
The online gambling industry is currently under siege at the moment due to the introduction of stricter regulations and rules. But the massive appeal of online casinos and other gambling outlets ensures that the sector usually remains strong during times of financial frugality. This appears to be the case presently with many online casino operators and casino portals like insidecasino.com reporting an increase in traffic. This is likely brought about by people having more time on their hands due to the current lock-down.
Food and Drink Services
The food and beverage services tend to remain strong regardless of economic climate. The simple reason of course is that we have to sustain ourselves one way or another. So people don’t really cut their spending in this area even if their financial situations may be difficult. Although restaurants and other businesses that ply their trade in the hospitality industries are among the most vulnerable, those selling consumer essentials such as groceries usually thrive.
Car Repair Industry
In periods of financial hardship, consumers are far less likely to upgrade their car or purchase a new model for understandable reasons. Securing a loan and keeping up with monthly repayments is often prohibitive to many. The more cost-effective alternative is to therefore to rely on a mechanic and keep their existing vehicle on the road – one of the reasons that the car services sector often report booming profits that belie recessionary cycles.
Education
Education is another industry that’s generally recession-proof. Obviously children still have to go to school and their parents still have to pay for their attendance. But research has also shown that people have a tendency to look at ways of improving their life and job prospects during downturns. This is why university attendance figures usually remain stable. Private educational enterprises such as home tutoring also tend to do well too.
Accountants/Financial Advisors
People with significant assets want protection against a stagnating economy. History has shown us that stock market crashes like in 2020 and other financial disasters can have ruinous consequences for those with major investments and/or substantial holdings. As a result, financial advisors often see a marked increase in their work-load thanks to people seeking advice on how best to protect their wealth.
Bargain and Discount Shops
Discount retailers always do well during a recession by using their low prices and exploiting the demand for cheaper goods to shift huge volumes of stock. This isn’t the case when an economy is booming. In fact, there’s a certain stigma about purchasing items from these outlets. Not so during a recession, though. When shoppers are looking to tighten their belts by making smarter (cheaper) purchases, thrift stores and bargain basement outlets are the obvious choice, whether we care to admit it or not.
Information Technology Support Services
With most of us hopelessly dependent on our gadgets and devices, it makes sense that services dedicated to making money from this over reliance are going to thrive. What’s more, the speed of technological development means there’s an almost constant demand for help. These days support is offered for all manner of computer-based products including smart phones, PCs, entertainment systems, high-tech home security and such like. That an economy may be going through a rocky period doesn’t usually have much of an impact on the IT support sector.