Certain industries fare better in economic downturns according to franchise network Snap-on Tools Australia who announced an average yearly sales growth rate of 7.7 percent from 1991- 2008.
The company is attributing its steady growth to its supply of tools to the automotive repair industry, which is showing signs of remaining steady as consumers retain and fix existing vehicles rather than upgrading to a new model.
“The industries we service remain fairly steady over the economic cycle, which means that the company is generally resilient in more challenging times,” said Ajit Ponnambalam, Managing Director, Snap-on Tools.
Ponnambalam believes that the auto repair industry will be able to ride through the crisis and continue to grow.
“In our industry we don’t ride the economic roller coaster at the same momentum as other businesses. Our strategy is retaining steady growth and assisting our franchise partners with achieving their business goals.”