I must admit to being tired of hearing about the recession, poor economic news, whether it is finally ending, yada, yada. But I will also admit that although my personal economic situation has not been affected significantly (to date) by said recession, I have changed some behaviors as a result. Not suprisingly, many individuals have done the same, and we recently stumbled upon some interesting information compiled by financial information company Sageworks  that confirms some of these recessionary trends.

The firm evaluated sales data from various industries over a twelve month period from September 2008 to August 2009, likely considered a crux period for the recession. In a nutshell, we find that although consumers have pulled back significantly on big ticket items and luxuries, they still have kept money in the budget for smaller indulgences.

The top six expenditure or indulgence items that have actually seen growth in the past year include online shopping (specifically for electronics), up almost 9% in the past year.  Other smaller indulgences that top the list include memberships to the gym (to me, a necessity for health and sanity) at close to 7% increase, followed by having a libation at a bar (serious de-stresser) at approximately 6%. Rounding out the top six, dining out and beauty shop services such as manicures, pedicures, and haircuts, up 3.1% and 2.5% respectively.

As far as private industry overall, the best and worst performing business segments are reflective of the times, with oil-related businesses, food and medicine manufacturers, and trade schools faring in the top ten best performers. Interestingly, bakeries and tortilla manufacturers fared as the seventh highest performers with a 14% increase in sales growth. Grocery products of all types have experienced increased sales, as food is a necessity and shoppers cannot cut back on this item as they can with luxury items.

The poor performing industries include those involving real estate, wood products and automobile-related businesses. Any business with connections to the home sales or building saw significant declines in sales, no doubt related to the housing crisis. Other purchases such as cars or furniture, which are generally viewed as larger ticket items that can be delayed during tougher times, were in the top ten at 10.2% and 7.8% losses, respectively. One interesting (and a little sad) victim of the recession is flower sales. Florists have experienced a 5.25% decline in their business, with folks apparently no longer being able to send those bouquets for no other reason than “just because”.

How have your spending habits changed as a result of the challenging economic times? Have you kept some of the same small indulgences that you have regularly used in the past? Share your experiences with a comment and let us know!

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