CNN's London correspondent Richard Quest, has this simple test to identify recession-resistant industries. "Look around you at the things that you, your family and your friends are still spending on. If you are all still buying these things in a recession, it's a fair bet other people are too." Column exclusive to domain-b

No one likes a recession, but not all companies are equally hit by its force and ferocity.  When we get the quarterly earnings numbers it is easy spot the industries really suffering and those holding their own.

Automobile manufacturers and airlines for instance, instantly come to mind as those being hit hardest. Even the prospect of the economic turnaround doesn't add much cheer to their balance sheets.  

But then there are those industries described as recession resistant or, best of all, recession proof.  If you are lucky enough to be in one of these businesses, well, the great recession of 2009 may have taken its toll, but it hasn't floored you completely.  Companies that are recession resistant or recession proof will weather the storms whatever the economy throws our way. The problem is identifying them and being sure the old rules are holding true. 

Traditionally among this group are the three Cs: Candies, Cakes and Cookies. Apparently we all still have a sweet tooth and are prepared to spend hard-earned cash on such ''little luxuries.''  Alcoholic drinks sales also usually hold up in a recession, although here we frequently trade down from premium to cheaper brands hoping to get the same buzz but at a cheaper price. Another retail group that can thrive is the fast food sector.

The latest earnings season tells us that we still treat ourselves to pizza in tough times. Domino's, the home delivery company, seems pretty recession resistant as it upgraded its earnings forecast for the rest of the year.  Even if we are cutting back at eating out in expensive restaurants, ordering a pizza at home is an everyday luxury we will still enjoy. 

Staying with the earnings season, last week we saw evidence that some industries are most definitely not recession immune. Video game console makers reported horrible numbers. Nintendo's sales were down by more than 50 per cent, while Sony's Playstation sales dropped by a third.  The console makers are blaming a lack of blockbuster new games coming onto the market.  I don't play computer games (yet) but it seems to me it's not a lack of new games, but a lack of money to spend that is the real issue.  Except for the hardened players, most of us do not put buying expensive video ''stuff'' high on the priority list.