The recession winners are those businesses which thrive in a down turn. Americans are not eating out in restaurants as much and when they do they are heading over to inexpensive places. They are also eating in more and using their kitchens as they were meant to be used. This is making recession winners out of fast food restaurants, warehouse stores and grocery stores.
In entertainment, the movie industry is touting itself as 'recession proof'. As long as the product (films) are good, people will go. Netflix is doing well. It is inexpensive, doesn't require driving and the concessions are way cheaper.
One unexpected winner in this recessionary economy is libraries. More people are availing themselves to the great services these institutions offer. From free internet to events to discount tickets and yes, books all are draws for the frugally minded.
Here's a recession w
inner you going to love - on-line dating. According to THE ECONOMIST, job related social networks and dating sites are doing well. There is a simple reason. When things get tough, people look for people to share the burden or to relieve them of the burden. One statistic cited was how the number of dating site visits was in inverse to the stock market index. The more it fell, the more dating queries. When it went up, fewer. The axiom here is, bad economy needs good company.
On an even more positive note, one big recession winner has been traditional stores. Shoe repair, consignment stores, tailors, auto repair, pizza, and yes, pawnbrokers are all seeing upticks in their business. Since most of these are locally owned, independent business, this bodes well for the local economies.
Let's close this article out with something a little less trashy. Landfills and garbage haulers are reporting Americans are throwing out less stuff and recycling more. So another big recession winner is the environment. That's a good thing.
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From traditional tips to savvy perspectives, the Frugal Yankee knows how to enjoy life and spend less. Find out more by going to FrugalYankee.com. Garen is now on Twitter with posts twice a day. Be sure to check out Hollywood Breakdown in Gather's Movie Essential for some smart takes on the film business.
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Comments: 17
Chris - I agree a simple, frugal lifestyle suits me best, but I have to admit I lived in Boston and LA when I was younger. I loved the buzz of a city. Somedays, I still miss that, but I would not give up my New Hampshire country home for that buzz. I get a bigger, better feeling just looking out at the pond, seeing the heron, watching the bats at night and having a beautiful star lit night with no trucks, no horns and no noises.
Kathleen - libraries are one of the most under appreciated resources we have in a community. I often wish I could do more to support them. The property taxes where I live are incredibly high and I get little out of them other than the library and a softball league. I have no town water or sewage. I live on a state highway and I have no kids in the school system. I would love to hear ideas on how we can make libraries thrive. Do you have any?
When we saw the way things were heading, it just so happened that it was at the same time hubby's company was changing retirement plans. Thankfully, they had grabbed up all the retirement money and it was safe-guarded before the market started heading downward. We lost very little. Then we took most of the money, and instead of transferring it into the new retirement plan, we paid off everything except our mortgage. What a relief to not have any credit card debt or car payment! And without those payments, we can now replenish the retirement account and started a savings account. We never have eaten out much. My dad was quite stingy with money, and he taught me well. :) (Scottish, you know?) We do attend movies now and then, but always at the cheapie theater where we pay no more than $3 to see a movie.
Here in Cincinnati, I've noticed that there has been quite an increase in licenses for new businesss. It appears that as people are being laid off, they are starting new small businesses. There are some, as you point out, that do thrive in recessions.
Use it up
Wear it out
Make it do
Do without
It's really not so difficult. It becomes a habit, then a lifestyle. Resale shops have clothed us and furnished our homes and hand-me-downs go all around the family according to need. We rarely throw things out, which is both a blessing and a curse.