At the brink of a recession, consumers are cutting back on everything they can and trying to save what little money they have left.
The only problem is that consumers are 72% of the economy. So, even a 1% pullback will have drastic implications for the entire world. The retail industry is having trouble selling anything, but some things are moving very well. Some businesses are experiencing an increase in demand for their products like never before.
My advice has been, Consumers are Broke and Inflation is Running Wild (although inflation has yet to show its true colors)
Excluding seasonal items, here is my list of the 10 hottest selling items of the day:
- Gold, Silver and other precious metals – gold just made new highs in 5 currencies
- Guns, ammo and gun training – fear is driving need for personal protection
- Large home safe - for storing cash, guns and valuables
- Everything on the McDonalds dollar menu – restaurant food is no longer affordable
- Job search tools and services – unemployment is raising very fast
- Do it yourself healthcare products – healthcare is still a necessity
- E-Commerce continues to grow – Amazon.com just posted a 30% gain over last year, which can probably be attributed to increasing gas prices, costing consumers more to actually drive to the shore to make a purchase
- Solar energy products – high oil prices have pushed home energy costs to the limits
- Information products – ‘how to’ products related to living in a recession
- Cheap entertainment – to help people laugh and forget the reality of financial hardship
This list was created by my intuition, with a little help from searching the Internet.
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