What industries are affected by the economic recession?

Economic recession will affect different industries to varying degrees, but generally speaking, the following industries are the first to be affected by economic recession:

Financial industry: Economic recession usually leads to a decline in the performance of financial institutions such as banks and investment companies. Because the economic recession may cause many people to lose their jobs or reduce their salaries, this will lead to an increase in the rate of credit default and a decline in the quality of bank loans, thus increasing the risks of banks.

Retail industry: In a recession, consumers' purchasing power usually declines, so retailers' sales and profits will be affected. The recession may also lead consumers to buy cheaper products instead of high-end products, which may lead to a decline in the performance of high-end retailers.

Real estate industry: the economic recession may lead to people's inability to pay housing loans, which will lead to a decline in the quality of housing mortgage loans. The real estate market may reduce prices, which may lead to a decrease in the income of real estate developers and home builders.

Tourism: During the economic recession, people may reduce their travel expenses, which may lead to a decline in the performance of tourism-related enterprises such as hotels, airlines and car rental companies.

Automobile industry: During the economic recession, consumers may delay buying cars, which will lead to the decline of sales and profits of automobile manufacturers. Auto parts manufacturers may also be affected, because automakers may reduce orders.