When recession clouds, the economic markets tend to slow down and there’s a selling pressure amidst the investors. Consumers start cutting down their non-essential expenses, the government becomes self-conscious for employing and the industries become cautious about their investments.
There are some industries that are majorly affected by these economic changes while there are few others that are immune to these fluctuations in the economy. Here is a list of five industries that does not get affected due to unemployment and consumer attitude.
1. Healthcare
People and animals get ill regardless of the changes in economic conditions. It does not matter whether a person is rich or poor, he will make sure that he gets the proper medication.
The healthcare industry tops the list among the industries that are not affected by the economic slowdown. There will be no change in the demand for the medicines or services provided by doctors or for even advanced treatments. The best examples can be our very favourite Johnson and Johnson.
2. Education
Economic slowdowns and breakdowns will come and go but one should never stop investing for a better future. Children will continue to go to school even though there is a major downward hit in the economy.
Infact, many people try to focus to study better when they lose their jobs. People are always positive towards learning more and getting higher education so that they have more options for better jobs. Plus, with the policies introduced by the government every year to boost education amidst the population, the industry is only gauging the eye of the investors.
3. FMCG
Being the 4th largest industry in the Indian economy, household and personal care products sales are accounted for the highest sales. The basic necessities of life cannot be avoided even if there is an economic slowdown. These goods have a non-elastic demand and are sold very quickly. It includes products like detergent, soap, toothpaste, etc.
4. Financial advisory
The stock markets are extremely responsive to market news. So if there is an economic slowdown and the markets start crashing, people will be afraid of the losses they are about to incur and will want to consult the financial advisors. During the US-China Trade war, the market was majorly affected and there was an unstable change in the stocks. However, accountants, auditors, actuaries, insurance underwriters were the most demanded during such a recession.
5. Utility
We have to pay our electricity, gas and water bills irrespective of the condition of the market. We might reduce our consumption but we cannot stop altogether. These payments cannot even be delayed otherwise we will have to pay late fines.
Also, the electric, water, sewage, waste, and trash recycling services will have to be continued with during economic breakdowns and slowdowns as they are necessary for maintaining public health and hygiene.
An economic slowdown or recession is a part of the business cycle. Everyone wants their economies to be at the peak at all times, but they tend to forget that it is a cycle so after a boom period they have to experience recession.
