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More spending means growth
Page 19
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HIGHER levels of consumer spending are leading to uneven growth throughout the transport industry as industrial output goes up to meet the increased spending. The news is contained in an economic survey published last week which also warns that the increased spending can fall away as fast as it arrives. It also warns that transport from Europe will remain buoyant in contrast to British movements to Europe which will be fewer in the coming year. Rising sales of commercial vehicles suggest a recovery in the industry, says the report, and this is resulting in increased capacity on the haulage market that could swal low any increased demand. If this happens then hauliers will feel little benefit from the economic growth that is due to take effect this year. Costs, with the possible exception of labour costs, are likely to continue their inflationary spiral. The rate of increases is expected to slow down in the first six months of the year but speed up again in early 1979. But the survey warns that vehicle replacement costs will almost certa:nly continue to rise at a far higher rate than other costs.
Increases
Tax increases are thought to be likely in the next year following the 1978 Budget which contained nothing for or against hauliers. Rental companies are also likely to have an upturn in business over the next 12 months while the parcels business will be highly competitive with service quality being the major selling factor. Distribution services are thought likely to have some growth but the market is also very likely to become more competitive. The market for tanker units is not so bright. With the chemical industry having gone through something of a decline over recent months, expansion is likely to be a slow business for the tanker operator.