Video Game Industry Still Flourishing
It has been previously discussed in industry and economic circles that the video gaming industry much like the movie industry may be recession proof as many look to these forms of entertainment as an escape from the day to day factors that accompany an economic downturn. Maybe we should introduce the concept of "Fragging as Therapy".
In a recent article on CNN Money the video game industry was listed as one of "7 winning industries". Not only are the video game companies holding their own but according to retail research group NPD group, video game sales increased 18% in October. This is especially remarkable as one of the key economic indicators, "consumer spending" dropped 1% in the same period.
While other industries and company's were reporting lower sales on "Black Friday" the Xbox gaming system reported a 25% gain over last year's sales on the same day. "Black Friday" is often an indicator of what to expect during that year's holiday sales.
Nintendo has also seen higher sales, and GameStop, a leading retail chain, just posted a strong quarter. The stocks of most video game companies have been beaten down this year, but a strong holiday season may recharge the industry's returns.
As increased sales usually dictate demand for new employees, the gaming industry may very well be one of the few sectors to weather this recession without layoffs or cutbacks.
The other industries featured in the article were:
- Waste Management
- Comfort Foods
- Discount Retailers
- For-Profit education
- Fast Food