The Herman Trend Alert (sorry, no link) today highlights areas of the economy that are growing, even thriving, during the slowdown. Some you may not have considered:
Logistics alternatives to diesel-consuming trucks that are more efficient at moving goods, like railroads, are also doing well. Plus, fed up with increasing delays and cancellations of flights, passengers are choosing rail travel over air. Expect this trend to increase; the US rail lines will borrow experts from Canadian Pacific and Virgin to learn how to deliver extraordinary passenger experiences.
Domestic food producers, especially domestic cheese producers are reaping the benefits of the falling dollar. Rapidly rising prices for imported products are prompting customers to look for domestic substitutes. Farmers now find their products in increasingly higher demand.
But then there is a dandy little comment that I have seen from many of our friends and neighbors:
Local amusement parks will also do well in these challenging economic times. The parks are enjoying the benefits of people taking what are called “staycations”—vacation time off taken close-to or at home. Until the economy improves, expect to see increasing numbers of people choosing staycations.
“Staycations” – that is excellent. I am writing this post from the airport as I wait to interview a candidate. I can tell you there are many people complaining about their travel prices as they walk by me. The delays are another sore point as I sit here waiting for the candidate’s delayed flight.
If you sell into any of these industries, it is time to pick up the phone or fire off an email. Their industry is surging which makes qualifying money an easier task.