Historically, industries that cater to the “wants” (as opposed to the “needs”) of people will be hurt the hardest in the times of a recession. This includes things related to travel and tourism (like hotels and vacation packages) and restaurants. It may also include things like automobiles and real estate as people are more likely to hold on to what they already have in hard times. Luxury retailers are also hit harder than discount retailers, even if they sell similar items.