Yep, that’s right—not NFTs! Shocking, I know. According to a Forbes Advisor analysis, based on data from the U.S. Bureau of Labor Statistics and Google Trends, bookstores are projected to be the most recession-proof type of U.S. business in 2023, followed by PR firms, interior design services, staffing agencies, and marketing consulting services.
Forbes Advisor, which assessed 60 small business types to evaluate their 2023 recession-proof-ness (?), calculated that the number of bookstores in the U.S. increased by 43% during the latter part of the pandemic. Bookstores also “enjoyed steady wage growth” during this time (+16%) as well as during the Great Recession (+13%). These stats, plus their “moderate startup cost” (around $75k, apparently), earned bookstores the top spot in the recession-proof rankings.
What are the least recession-proof business, you wonder? Furniture stores, followed by women’s clothing boutiques, taxi/rideshare services, used car dealerships, and housing construction companies. Makes sense—people tend to delay big or unnecessary purchases during a recession, but luckily for bookstore owners, books are both cost effective and necessary.
Link to the rest at LitHub
Color PG exceedingly skeptical about the OP’s predictions about PR firms and marketing consulting services. PG knows nothing about interior design services or staffing agencies.
It will surprise no one who visits TPVX on a regular basis that PG doesn’t think bookstores have a golden future ahead of them. That said, in past lives, PG loved going into some bookstores to shop, chat, etc. In past lives, PG bought a 1954 Chevrolet (very used) for $100, too, but those days are long gone.
Minimum wage in New York City is $15.00 per hour. Minimum wage in California is $15.50. Overtime minimum wage (over 8 hours per day or some other stuff) is time-and-a-half or $23.25 per hour. Plus there are additional cost and taxes the employer has to pay on top of the wages for each worker.
Indie bookstores tend to be only marginally-profitable businesses under most circumstances, so PG doesn’t see much smart money going into book retailing.