As the unemployment rate continues to hover around 9.5%, leaving consumer income depleted, many industries have been suffering. But not every industry has been hit hard by the recession. The truth is that for numerous companies business is booming as a direct result of the high unemployment rate.
What are these industries, and why are they flourishing? Here’s a rundown:
1. Healthcare. Stressed-out people with no money or insurance to take care of themselves are prone to illness. Regardless of financial status, they still need healthcare.
2. Marriage and Family Counseling. Job loss and financial insecurity create wellsprings of conflict. Unhappy folk are turning to therapists to help them deal with the changes in their lives.
3. Career Counseling. Many who have suddenly lost their jobs or who are just entering the job search pool are being forced to reconsider their career paths. Career counselors provide aptitude testing and advice.
4. Training Seminars. Those seeking new employment opportunities need fresh education and training to prepare to work in alternate fields.
5. Online Content Sites. Penny pinchers are thrilled to pick up free information, especially when it helps them save valauable time and money.
6. Debt Management Companies. People who are steeped in debt are turning to financial consultants and debt management companies to help them get their obligations under control and establish responsible spending habits.
7. Temporary Staffing and Freelance Workers. Cash-strapped businesses can save a significant amount of capital by hiring temporary or freelance workers and independant consultants.
8. Payday Loan Lenders. Payday loan businesses offer small, short-term loans at high interest rates. People with poor credit and little cash often have few alternatives to cover living expenses.
9. Debt Collectors and Repossession Agents. As income decreases, unpaid bills increase. Lenders need the services of those who will help them recoup their cash.
10. Fast Food Restaurants. Business for fast food establishments, such as McDonald’s, been booming as consumers look for cheaper alternatives when eating out.
12. “Sin” Vendors. Vendors of alcohol, cigarettes, and candy, as well as gambling venues, offer a quick and affordable mood boost to people who are down in the dumps about the economy. Gambling also presents a chance to make some quick money.
13. Second-Hand Buyers/Sellers. Unemployed customers who would have scoffed at buying second-hand a few years ago, now recognize the value of used goods.