The economy has actually been good for my dojo. We've actually grown quite a bit. People are looking for security, and tend to come to self-defense classes to get it. Or buy a gun. I should really look in to starting a gun store!
It makes sense, though, with less discretionary spending, people want to spend their money on things of higher value, and they want also to feel like they have a modicum of control in their lives, in this turbulent age. Martial arts does exactly that for a lot of people. My fear is actually for the students who joined because of this. Will they stick around when the economy turns around? Will they want to keep growing or tune out again?
This is part of why I tell my students that security is a myth. To quote Patton, there is no such thing as security, only opportunity. I try to change people's whole mindset on safety. I like to think I'm getting through to many of them, but I always have that little nudge in the back of my mind, asking, "do they really understand?"