Definition of Recession Proof Industry

What is a recession proof industry? What is the definition of the term recession proof industry?

A recession proof industry is an industry that is minimally impacted by an economic downturn. In fact, some industries (dollar stores, payday loans) even flourish when the economy stumbles into a recession.

An example of a major industry that is able to withstand recessions better than others? Insurance.

Definition of Recession Proof Industry - IllustrationHome and car insurance is one of the last things that a family will cut from their budget when times get tough. Sure, some families will have to sell their homes, and some families will have to get rid of their secondary vehicles (and even their primary vehicles sometimes), but most families will continue to pay their insurance when times get tough.

Insurance is one of those necessities that most people will not live without, which makes the insurance industry largely recession proof.

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