In my previous life working in finance they had this saying. In times of recession there’s only one thing to invest your money in. Sin! I’m not saying you and your mates should club your cash together and set up a knocking shop. Although those things have been a steady earner for thousands of years I’m afraid it is still very much illegal, so steady on there! Nah, this is all about booze, ciggies, and gambling.
Back in 2007-2010, when the world’s finances were really up shit creek without a paddle, certain companies actually jumped in profitability. Tobacco companies like Philip Morris and British American were raking it in from delivering packets of little white stress relievers to their addicts. William Hill was setting up more high street betting outlets than you could imagine, and Paddy Power was at one point worth more than the rest of Ireland put together!
Fast forward to post-Brexit 2016. The UK is facing uncertainty and has every chance of slipping once again into recession. It would not be fun. Unless our leaders get their act together very quickly then a lot of people who thought they were voting for more freedom may lose their livelihoods instead.
But am I nervous for my own business? I peddle wine for a living. I write about it, study it, research it, and also import and sell it. On one hand, when money is tight, luxury items are the first thing to go, so the danger is there at the high end. But when times are tough then people still need to be able to smile occasionally. Wine, for wine-o’s, is an affordable treat that makes the good days great, and the tough days that little bit more bearable.
Only in the most extreme of cases will people stop indulging in the little things that make them smile. If those days come then we’ll have more to worry about than just a couple of bottles of wine.