You're correct that certain luxuries are purchased less during a recession, although it would encompass traditional "status" luxuries such as expensive watches/clothes/jewellery/certain types of cars or "toys" such as jet skis.
These types of industry's tend to magnify wider economy movements during recessions.
In stark contrast, you have healthcare and consumables as two sectors that are less correlated. Regardless of economy situation, people who have a disease dont stop needing their drugs or procedures for example. In a less concrete example, people still need food regardless of economy.
I think you were going along the lines of "wouldnt people buy the bare essentials during economic downturn, why buy candy when there are more important bills to pay" and I think the same.. although you and I are in the game of investing and are perhaps more financially minded than those who aren't
In the infamous Great Depression, the worst economic recession we have experienced, candy company's survived! Not only that, which for its time was an amazing feat, they thrived!
"The three C's: Candy, Cosmetics and contraception" are sin businesses. During poor times people indulge, although it doesn't always take form in alcohol or smoking. Other vices follow suit and thrive. This has donned the "recession proof" label.
One just has to look at the continued growth experienced by CLB in 2020 as an example. During a pandemic, with so many losing their jobs, many people indulged in the more brighter things in life: candy.
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