Professions Hit The Hardest In A Bad Economy
A bad economy stresses everyone out, but there always seem to be a few people who breeze through it without a care in the world. Likewise, there are those who awaken everyday to nothing but stress, wondering if they will still have a job by day’s end. This is because some professions are affected more by the ebb and flow of the economy. People are going to get sick no matter how the stock market is performing, so doctors are guaranteed ongoing work. The same is true for firefighters and plumbers. Some things about life never changes, regardless of people’s financial situations, and those jobs see little difference no matter the economy. However, if you do not have the luxury of having a job that never suffers, you will occasionally be faced with feelings of anxiety. It can be a lot worse when your job depends on the economy. This is the case for realtors and real estate. When the economy is bad, fewer people purchase homes and fewer banks lend money. This leaves agents out in the cold when it comes to meeting their sales goals.
The same rings true for certain banking professions. While people are probably going to continue to use basic banking resources, high level banking and investing will drop off during a bad economy. If you are in charge of moving people’s money from one place to another, you may find yourself with less work when the economy performs poorly. People get scared and they may stop investing. Even if they are investing, they may want to store their money in a safe place for a longer period of time. Some investment bankers are able to spin the bad economy to their advantage and help people cope, but others find themselves with less to do when things are rough.
Since luxury items are the first to go when discretionary spending is cut, working in retail can be tough when the economy is bad. Whereas people are willing to splurge on expensive clothing, jewelry and household items when things are ticking along, they may need to focus on medical care, groceries, and saving when the economy falters.
People change their behavior based on the economy, which means they may be eating in more than out when things are rough. If you work in the restaurant industry, you are sure to see a slow down when the economy slows. People cut costs in simple ways like cooking at home and eating out becomes a special treat, not a nightly experience. These behavioral changes are sure to hurt your bottom line.
The travel industry is another place that is hit hard during bad economic times. People may stay closer to home, cutting down on international travel when things are tight. They may even sacrifice vacations altogether and instead opt for the trend where they go nowhere and enjoy fun things closer to home. While this may boost the local tourist industry, most towns see a decline in tourism profits.
