1. Retail industry: The economic recession will lead to the decline of consumers' purchasing power and reduce their willingness to buy. Therefore, the retail industry may be affected first, especially the sales of high-end goods and luxury goods. Consumers may be more inclined to buy basic daily necessities and reduce unnecessary consumption.
2. Catering industry: The economic recession may reduce the number of times people eat out and the amount they spend. The income of catering industry may decline, and the passenger flow in restaurants and bars may also decrease.
3. Tourism: Economic recession may lead people to reduce travel expenses or travel frequency. Tourism may be hit harder, especially those high-end hotels and tourist attractions.
4. Real estate industry: the economic recession may lead to the cooling of sales in the real estate market, the decline in return on investment and the decline in house prices. Real estate developers and intermediaries may be hit harder.
5. Financial industry: Economic recession may lead to an increase in debt default rate, instability in financial markets, and a decline in stock and stock market prices. The financial industry may suffer huge losses.
In a word, the impact of economic recession on different industries is complicated, but those industries closely related to consumption may be affected first.