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The job market looks gloomy right now. The question is, Will it ever pick up? One thing’s for certain though; some industries will recover, while others may not. Have a look at the 8 industries that are thought to be doomed.
These industries are some of the worst hit industries in the United States right now. They have seen a decline in revenue over the past 10 years and the decline is expected to continue that way for some time. It is suggested that you should avoid these industries, at least for now until they show some signs of recovery after the recession.
The industries are deemed doomed due to various reasons like:
1. Video Rental
We’ve all seen several video rental stores make drastic changes to stay in business. But how can they compete with the Internet? These days it is so easy to get your favorite movies online, you can even order anything you want on cable TV, so why take a trip to the video rental store?
2. Record Stores
The same goes for record stores. Why go to the store when you can get what you want over the Internet? It is so convenient and so much easier online. This industry could not keep up with the competition and that’s the main reason why it has seen a decline in revenue.
Do you still read the newspaper? Most people feel that since they can get the most current news 24/7 online, there is no reason to wait to read it the other day. This is what’s sending the newspaper publishing industry into extinction.
Digital cameras have changed the photo shop industry. No need to wait a few hours or days for the film to be developed anymore.
5. Costume Rental
Why rent a costume when you can buy one at a cheap price and reuse it year after year? Most people choose to buy rather than rent these days because it’s cheaper in the long run.
6. Apparel Manufacturing
Cheap labor overseas keeps the costs down at home. Therefore apparel manufacturing has moved overseas where labor is cheap.
7. Manufactured Home Dealers
This industry will not recover as there are more innovative competitors. The drop in revenue over the past decade is also due to the decrease in the price of traditional homes.
8. Wired Telecommunications Service Carriers
Everyone is going wireless these days, so goodbye to wired telecommunication carriers.
These are the 8 doomed industries to watch out for. They have seen better days, but it’s time for them to say goodbye!