When the economy is uncertain, people tend to pull back on their spending. Although retail and restaurants are obvious places penny-pinchers avoid, this includes big-ticket items like real estate, vehicles, and extensive home improvement projects. But while most businesses suffer during an economic downturn, there is one industry that actually thrives: house painting.
In 2008, the world economy took a nosedive. Businesses were failing left and right, but there was one industry that actually saw a surge in growth: the house painting industry. While other businesses were folding, more and more people were turning to painting as a way to spruce up their homes on a budget. And who can blame them? A fresh coat of paint can make any room feel new again.
During The Great Depression, people were forced to live frugally, cutting costs wherever possible to ensure there would still be food on the table. Many looked for ways to repair and repurpose what they had instead of buying a costly replacement.
I remember my mother saving her cooking grease in a soup can next to the stove, copying a habit passed down from her mother who would donate the cooking grease to the war effort, as well as not letting any fats go to waste during a time of strict rationing. My dad still darns his socks rather than getting new ones because “there’s still plenty of wear left in them!”
While most Americans aren’t in a position that necessitates encouraging the kids to lick the flour sack corners for dinner, many are looking for ways to save where they can. We may likely see a resurgence of “lost skills” come back into fashion, such as sewing on a replacement button instead of throwing the shirt out and buying another one.
Additionally, you may have noticed housing prices in your area getting out of control. Real estate is up nearly 19% since last year, and rental prices are rising 4x faster than income. This is quite literally trapping people in their homes, meaning they’ll have to make do because moving isn’t a feasible option anymore.
So what does this mean for the house painting industry? A whole lot of business, that’s what. When people are forced to stay in their homes, they’ll want to make them as comfortable and inviting as possible. And a fresh coat of paint is a great way to do that without breaking the bank.
For those who do manage to move during this crazy housing market, painting is an inexpensive way to increase a home’s value and enhance its curb appeal.
Painting is also a cost-effective alternative to massive home renovations. If a kitchen needs an update but a homeowner can’t afford to gut it and start from scratch, painting the cabinets and walls is a quick and easy way to give the space a facelift while being easy on the wallet.
For professional painters, this climate is a win-win situation that produces customers across the board. Whether people are trying to save money or enhance their home’s value, painting is always a great solution.
If you’re looking to recession-proof your career, the house painting industry is an obvious choice with a proven track record of flourishing during previous economic dips. This booming business is only going to continue to grow as more and more people are forced to stay in their homes.
Take advantage of this growing market while enjoying the security of owning your own business by starting your own Paint EZ franchise. Contact us today to learn more about how you can get started in this lucrative industry and ensure a financially stable future —no matter what happens with the stock market.