Anyone with a reasonably conservative allocation (healthy dose of bonds) wouldn't be selling stock in a bear market - - they would be buying stock (by selling bonds).I agree 100% with the words in your post, with one small exception.
You seem to be implying that many of the people that rely heavily on dividend income also have an adequate cash buffer.
I am curious where you gathered this from?
Again, I think a critical part of any investment strategy is to have enough of a cash cushion so you don't have to sell in a bear market. I see no reason though that investing in dividend stocks precludes one from doing so.