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Spending on ‘necessities’ rises in the recession
October 14th, 2009, 12:00 pm · 5 Comments · posted by Jan Norman, small-business columnist
Businesses that sell “necessities” have enjoyed sales increases despite the recession, according to Sageworks, a leading analyst of financial data for private companies.
Here are five industries that deal in necessities from food to funerals (click on image for a larger view)
Source: Sageworks
There are just some things that consumers can’t give up, Sageworks says. What’s interesting is that spending of the total food basket has continued to climb even if consumers aren’t buying steaks like they used to. And despite soaring unemployment, plenty of folks are paying more for child care.
The spending on doctors and drugs probably reflects the rising health-care costs.
However, look at the funeral industry, whose sales have grown the least. Death may be certain but fancy funerals aren’t. Surviving relatives may be spending less for caskets and headstones.
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If anone goes cheap on my Tombstone i’m gonna go CQB!
I can see sales going up at the grocery store, since less people are eating at resturants, they will have to spend more on groceries. Overall, spending goes down, since you pay a premium to eat at a resturant.
Good point, Roger. And the drug stores are selling a lot of Excedrin.
Jan Norman
All this makes sense.
People are not eating out. They’re eating at home and thus buying more groceries.
People are seeing the doc more often from stress related illnesses brought on by the economic meltdown.
People are getting more prescribed meds and over the counter products to cope with the stress related illnesses.
More day care since the parents are pounding the streets looking for jobs to pay for the basics.
And people are dying earlier from the stress related illnesses and from the increased suicide rate.
There ya go. All bases covered.
Oh, check gun store sales. Those have skyrocketed, btw. Figure that one out on your own.
Very interesting. I like Roger’s simple but astute connecting of the dots…