Its difficult to compare the eras, as our industry was so much younger then. We had little contact with the carpet industry, and the contact that we did get from them was bathed in contempt for independant cleaners. As much as I dislike the SOA program, at least they now acknowledge us.
If the point is to the economy and the future of cleaning businesses, we had far less cleaners then, but we did have many failures of businesses. Just as today, those that did not have enough business savvy and a large enough customer base failed. Unlike today, they were rapidly replaced by blue collar workers who were laid off from the steel industry (at least here in the "rust belt".)
Many of the cleaners of the 70's came from the dry cleaning industry, which was suffering because of the popularity of polyester "dress clothes" (aka "leisure suits") and the beginnings of restrictions on solvent use and handling. Those guys had enough of a business base and business know how to survive the bad times.
The times we are in now feel very much like this time we are in right now.
To survive you'll need:
A good customer base. If you have enough clients, you can survive a 30% drop (as an example). If you don't, its going to be difficult.
A marketing program that builds trust. It was tough then with only the Yellow Pages and newspaper's for business. A website will help immensely.
Deliver value. Whatever your pricing level, you better be worth it. In those days the "room pricing" concept became popular, as it was able to compete with the new rental machines that were introduced in the mid 70's. Room pricing did not take over the industry, but it made those who charged a premium price by the square foot learn to market and sell better.
It seems like yesterday for me. Damn I'm getting old........