Definition, Meaning & Synonyms

industry-downturn

noun

/ˈɪndəstri ˈdaʊnˌtɜrn/

Definition

A period during which a particular sector of the economy experiences a decline in performance, characterized by reduced output, lower sales, and negative business conditions.

Examples

The automotive industry faced a downturn due to declining consumer confidence.
Many companies struggled to survive during the industry downturn that followed the global financial crisis.
Investors are wary of entering the market during an industry downturn.

Meaning

The term ‘industry-downturn’ refers to a significant decline in growth and activity within a specific industry. This can be due to various factors, such as economic recession, changes in consumer demand, or increased competition.