For many who find themselves either out of work or living in fear of being out of work, a recession is a stressful time. Consumers and businesses are going to feel the effects for months to come, and the world won’t realize the real impact until years after the event. Because people are feeling the pressure in the moment, it’s tough to think of the benefits that can come from this difficulty. The good news is that some benefits do exist and may not be that far-fetched.
A recession involves falling incomes and negative economic growth, leading to less spending due to lack of cash or the instinct to save out of fear of possible unemployment. The reduction in demand means that businesses have to cut prices to move goods and improve liquidity. This provides a great opportunity to scoop up items, sometimes name brand products, at more attractive prices.
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