Economic recession refers to the phenomenon of negative growth or deceleration of economic growth in a country or region, which has a great impact on society and economy. Which industries were first affected by the economic recession? This is a very important issue, because it can help people understand the current economic situation and take appropriate measures to deal with it.

I. Retail industry

Retail is one of the most vulnerable industries in the economy. When consumers don't have enough purchasing power, they won't buy more goods. This will lead to a decline in retail sales and profits. Therefore, retailers need to take some measures, such as reducing inventory and cutting costs, to cope with the impact of the economic recession.

Second, the catering industry.

The catering industry is also one of the industries greatly affected by the economic recession. When the economy slows down, consumers usually reduce the frequency of eating out and choose to cook at home, which will lead to a decline in the sales and profits of restaurants. In order to resist the impact of economic recession, restaurants can take some measures, such as promoting sales, reducing costs and developing new markets.

Third, the real estate industry

The real estate industry is also affected by the economic recession. During the economic recession, people usually reduce their willingness to buy real estate, which will lead to a decline in real estate sales. In addition, the economic recession will lead to an increase in the number of housing auctions, bankruptcies and vacant properties, thus affecting the entire supply chain of the real estate industry.

Fourth, the automobile industry

The automobile industry is highly dependent on the purchasing power of consumers. During the economic recession, people usually postpone the decision to buy a new car, which leads to the decline of sales in the automobile industry, and manufacturers will further lower their sales targets to adapt to the decline in market demand.

Verb (abbreviation for verb) financial industry

The financial industry is an extremely important sector in the economic mechanism. During the economic recession, banks and other financial institutions usually refuse or reduce loans to individuals and enterprises due to the decrease in consumer demand and corporate income. This will directly affect the economic development, push up the non-performing loan ratio and deepen the economic recession.

In short, these industries will be among the first to be affected during the economic recession. Therefore, in order to adapt to the changes of economic recession, enterprises need to take some measures, such as reducing costs, repositioning the market and improving efficiency. To cope with this change in the economic situation.