The other day, I was looking at the Forbes homepage and noticed an article on the top 10 profiting niches that are making huge profit margins in 2009 still, even in this economic crisis and decided to share this valuable information to our readers; hoping you walk out knowing one thing that is new after reading this article.
Smart Phones
I was astonished at how the cell phone market broke their biggest profit margins. Cell phones continue to increase in popularity because of the demands of every individual of needing one and because of this, the Cell phone niche has increased in sales. Sales that translated to be 13,000,000 mobile phones that sold in 2007, about $2.7 billion dollar profit, however, in 2008, the number of phones rose from 13,000,000 mobile phones sold to 24,000,000 mobile phones sold. (That’s about a 53% increase in profits!) Smart phones is continuously proving that it’s a real stable market and is increasing in sales, even in this economic crisis. Nowadays cell phones are necessities that everyone is required to have, like we need to have toilet paper every day – Proving to be one of the better markets to be in.
Video games and Consoles
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Americans just can’t give up entertainment and I can’t blame them. Video games and the biggest consoles makers continue to expand their market rapidly, especially in the outstanding year of 2008, where 3 of the top major game console makers released their newest, most popular consoles, the PS3, the Wii Console, and the Xbox 360. These top console makers have revolutionized the year 2008 and arch to make their biggest profits in century and of course, the Americans just cannot deny this controversial moment, even if the economy is sending red flags at the moment. Wii Fit even reported that they have sold over 5 million units, combined with sales reported in the 3rd quarter of 2008.
Gym Memberships
Even though people may be getting laid off of their jobs, people still have the sentiment that they can want to look their fullest. Gym memberships is estimated to increase by 4 % by 2009.
Personal Care
Personal care products like simple necessities like tooth paste and shampoo to products like perfume, lotion, and even acne cleansers. People are more wary about their appearance than ever and it has been estimated that grooming products like acne cleansers and skin care products, are increasing in sales respectively by 11%, 14%, 15% and 18%.
Toy Building Sets
One of the things that parents can’t deny is children. Who could dismiss those adorable faces when they want a Lego miniature toy house that costs $30 bucks. Studies has shown that because times have been tough and the because of the parent inability of saying no to their kids, Legos, the king of all building blocks has seen an 30% increase in sales in October 2008 compared to last year’s October. Parents choose Legos because, even when the times are tough, parents spend a little to keep their kids occupied and what can be better than keeping your kids occupied with Legos, the king of all building blocks?
Car Maintenance
Although car sales may have dropped, people are more reliant on the cars they currently own and because of this, car maintenance companies has reported that they have seen an increase in double-digit sales because people are more wary of keeping their car in good condition because of this crisis.
Casual Shoes
It may be shocking to hear this, but the shoe companies who has been reporting dips in sales in the past years, announced that they have seen an 0.3% increase of casual shoe sales. Probably due to the economic hardship, people are no longer looking for shoes with a specific genre, but a shoe that looks good and is versatile in anywhere on the go.
Restaurants
Although complimentary restaurants are seeing an decline in profits, the National Restaurant Association predicted that Americans are going to spend $566 billion on restaurants in 2008, an 2.5% increase, however, because of this economic hardship we are in, people are more likely to revert back to cheap, convenient fast food restaurants like McDonalds and Burgerking.
Taking this information, shows us what people are willing to pay and willing to give up in tough economic times. This shows us, marketers that we can learn from these statistics and pinpoint niches that will best hold up in tough economic times and whats on the consumers’ minds. Possibly even start a website of your own to take advantage of these fast growing niches.
You can read the full article from Forbes, here.
