During downturns and slow recessions, it's best to focus on your current and past customers.
New customers are great but if acquisition costs are too much your profit will suffer, not a great thing in a downturn.
An easy thing to help current customers buy again is sending order reminders. Schedule them to go around near the time they are likely to reorder so you can (re-)warm-up their interest in your store and products.
You can figure out the optimal time for these reminders with the Average Latency. Repeat Customer Insights can calculate that for you automatically.
If you don't do a lot of direct marketing, a gradual build-up is best so it doesn't appear too aggressive. In that case, start contacting them 25% sooner than your Average Latency measurement and continue the contact until at least 25% more days after.
Use cohorts to find out who the best customers are in your Shopify store
Repeat Customer Insights will automatically group your customers into cohorts based on when they first purchased. This will let you see how the date customers bought would impact their behavior.