As the economy pushes forward, small businesses need to be able to react to industry trends and pitfalls. During the recession, Americans tightened their wallets and put off purchases of upgrades, replacements, and higher quality products, according to recent Intuit research. This year, retail has rebounded in some industry segments. For example, the auto parts industry has reached $40 billion, with 1.1% annual growth since 2007. Other industries such as hand bags/accessories reached $9 billion, with 2.4% annual growth in the last several years.
This infographic, courtesy of Intuit, shares insights on how small businesses were impacted by the recession, with a focus on industries that have been able to overcome the hardships, as well as other industries that have suffered losses over the past five years.
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