I don't think the term "discretionary", captures what happens during a recession in the first world. I mean, when unemployment goes from 6% to 9%, 3% of the po

I don't think the term "discretionary", captures what happens during a recession in the first world. I mean, when unemployment goes from 6% to 9%, 3% of the population stops going out for dinner, and 70% of the population cuts back on spending based on fear. That 70% of the population starts cutting coupons and buying generic products, and shops at Walmart instead of Whole Foods. Fashion industries get hit hard, but entertainment generally doesn't. I really think the "deals" or "coupon" space is counter-cyclical no matter whether the coupons are for skydiving or pickles. I personally don't have a gut instinct for this space, as I am not a customer of Groupon, but I am interested in the question "If you neighbor lost his job, would you buy more or less Groupons?".