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What product would people around the world demand more of during tough economic times, and more importantly, why?
The 20082009 Great Recession touched families around the globe. In too many countries, workers found themselves out of a job. In developed countries, unemployment compensation provided a safety net, but families still saw a marked decrease in disposable income and had to make tough spending decisions. Of course, non-essential, discretionary spending was the first to go.
Even so, there was one particular category that saw a universal increase in spending world-wide during that timean 18% uptick in the United States, specifically. You might guess that consumers began eating more meals at home, increasing grocery store spending; however, the Bureau of Labor Statistics Consumer Expenditure Survey, which tracks U.S. food spending over time, showed real total food spending by U.S. households declined five percent between 2006 and 2009. So, it was not groceries. What product would people around the world demand more of during tough economic times, and more importantly, why?
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