I saw my spouse go through this a few years back. She was a product manager with 13 years of industry experience in a deep but narrow domain (international e-commerce) when she got laid off. The job hunt was kind of arduous, because we live in the midwest and don't want to relocate, and there just aren't that many jobs in her specialty in our area. Eventually she found one, but it took months.

There were plenty of generic product manager jobs in other industries, but they were all wondering why she's worth so much if she doesn't have experience in their industry. Shifting industries, even with the same generic skill set, would have resulted in a 10-20% salary cut.