How to stay healthy

Healthcare tipped to keep global ills at bay

Teresa Ooi | January 24, 2009

Article from: The Australian

IF you are looking for job security in this tough economic climate, stick to the healthcare sector, says research from IbisWorld.

Robert Bryant, general manager of independent research house IbisWorld, has picked biotechnology, online information, rail services, cosmetic and toiletry retailing, grain and livestock farming as among the industries best able to weather the financial storm.

Jobs in labour-intensive industries such as blood banks and health services were relatively "insensitive to economic conditions", he said.

Many health services were perceived as essential and with "many subsidised by government, such as blood banks, hearing, nursing and psychology services, and others covered under private health insurance, there would be solid growth of jobs in the health sector".

This trend would be helped by the ageing of Australia's population and the increase in chronic illnesses such as diabetes, Mr Bryant said.

IbisWorld also predicted that cosmetic sales would continue to thrive despite difficult economic times.

"History has shown that women continue to spend," he said. "However, they transfer spending from more expensive fashion items to cheaper alternatives which still deliver the feel-good factor.

"This means reduced spending on clothes, shoes and handbags in favour of lipsticks, skin creams, perfumes and other beauty products."

There was also a "manscaping trend", with men "becoming increasingly aware of skin care regimes and products", he said.

"The result will be openings for more cosmetics and toiletry sales people as well as laboratory technicians and those involved in the manufacturing side of the business," he said.

The economic downturn and global credit crunch would take their toll on the financial sector, he said.

The biggest losses and job cuts would be in the banking, tyre manufacturing, domestic airlines, boat building and real estate sectors, Mr Bryant said.