What companies are rising in economic hardship
For the past few years, it’s been obvious that for the vast majority of businesses, times have been tough. Falling consumer demand, a rise in unemployment and rising prices of raw materials have all contributed to the general ill-feeling that has engulfed the global economy.
For the past few years, it’s been obvious that for the vast majority of businesses, times have been tough. Falling consumer demand, a rise in unemployment and rising prices of raw materials have all contributed to the general ill-feeling that has engulfed the global economy. However, even in these troubled economic times, there are a handful of markets and firms that are flourishing because, in the face of dwindling disposable income and belt-tightening, they offer cheap products or useful services that can help them in their time of need.
Discount supermarkets and second-hand stores are among the few businesses that are on the rise. Food prices are climbing ever higher, and the likes of German chains Aldi and Lidl are seeing their market share grow because of the fact they offer cheaper food that, at least in terms of appearance, doesn’t look all that different from goods sold by the likes of Sainsbury’s and Tesco. Pound shops like Poundland are also performing well because, as with Lidl and Aldi, they sell goods at low prices that people need such as toiletries and food.
Price comparison websites like MoneySupermarket have also fared well in this climate. The service they offer involves allowing their users to compare prices on a range of products, namely insurance policies. Insurance seems to be getting more expensive, as do a lot of other products, and comparing prices enables people to make savings on cover from everything from car insurance to health cover and everything in between. Some sites even compare the cost of grocery shopping and white goods, proving that this market is trying its best to expand.
Personal injury firms are also among those who are booming in the face of the global downturn. People who worry about taking someone to court after being on the end of a horrific injury or illness because of the legal fees involved may turn to the no win no fee service from first4lawyers instead due to the lack of risk involved. ‘No win no fee’ means that if someone makes a compensation claim on this basis and loses, they won’t have to pay a penny in legal fees to the firm, which for anyone who’s lost money as the result of an injury caused by someone else is a handy service.
Other businesses that have managed to do well despite the current economic climate include pawnbrokers, loan firms, budget airlines, online coupon sites and even bakeries that sell cheap sandwiches. Even in hard times, there are always one or two winners, but with so many people looking to save money, is an increase in consumer spending possible, and what could a recovery do to those companies currently performing well on the back of the frugality displayed by millions? Time will tell.