Due to the COVID-19 pandemic, the US economy is set to face another recession. Like what happened back in 2008, the Great Recession has taught industries several lessons. Based on the data from the last recession, some industries have thrived while some have experienced the worst impact of the economic recession.
Since every industry is different from one another, some will be stable even during a recession because it depends on the varying consumer behavior in that particular period. Are you wondering what kind of industries will survive an economic downturn? Here’s a list of thriving industries:
During the 2008 recession, discount stores ranked as one of the top ten best-performing industries. It makes sense since the recession back then had impacted the income of consumers. Therefore, when the income gets affected, people tend to buy cheaper goods or retail items. This was the reason that discount retailers did well during the previous recession and may still do well in the future.
No matter what the situation is, recession or not, health care is a necessary industry even when your income goes down.
Some of these are basic transportation, consumer staples, and food. Since these are essential industries, they tend to perform well even during a recession.
Other industries that may perform well even during economic slowdowns are freight and logistics, DIY and repairs, online and remote services like tech companies, online shopping services, teleconferencing services, and biotech companies, especially during this COVID-19 crisis.
Each recession brings a different story, but these are the likely industries that may thrive, so it would be best to keep them in mind.