live-the_dream asked:
I going to be opening a new business in the next few months. It is a hobby retail business with a proven business model. My concern these days is that during a recession, how hard are hobbies impacted? People still need an outlet and for most, the outlet is a hobby be it golf, crafts, remote control vehicles/planes etc. We may cut back on spending but how much? So.. the basic question is.. how much do you think a recession or fear of recession would impact peoples hobby activities and spend?
I going to be opening a new business in the next few months. It is a hobby retail business with a proven business model. My concern these days is that during a recession, how hard are hobbies impacted? People still need an outlet and for most, the outlet is a hobby be it golf, crafts, remote control vehicles/planes etc. We may cut back on spending but how much? So.. the basic question is.. how much do you think a recession or fear of recession would impact peoples hobby activities and spend?
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I would think that a recession would increase your revenue. Just look at the great depression–the movie industry thrived during the 30s because people needed a distraction from the difficulties of their lives. I think people especially develop a need to create during difficult times. Good luck!
If it’s a hobby that saves me money I’d be more willing to do it when I had none.
If it’s a hobby that requires me to spend a bunch of money in a frivolous manner, I will wait until my cash flow improves.
With that in mind, I bought a lot of knitting and quilting supplies and equipment that I haven’t used but now that I’m not buying, I’ll probably be doing some stash reduction. That’ll last until I realize I have a big hole in my stashes and start building again.