What does the 2023 trucking marketing look like?

2023 is upon us and a few changes are coming to the trucking market. This year comes with many economic changes due to the inflated economy in 2022. This includes thousands of layoffs from major tech companies including 7% of the staff at PayPal and 18,000 employees at Amazon. Some economists predict an economic slowdown in 2023 with rising interest rates and lowered consumer spending.

Although some of these statistics seem worrisome, the truck industry is expected to remain steady as the Rocky Mountain Region continues to grow and flourish. As a truck company or truck driver, be sure to be on the lookout for these few economic changes and adjust your strategy accordingly. The trucking industry continues to grow and evolve and you should, too.

Earnings could slightly decline

After two intense years of excessive growth in the trucking industry, earnings may decline slightly in 2023, according to data released from Bloomberg. This is due to contractual-rate deadlines declining to the mid to single digits and thinner margins with the rising cost of labor, insurance, equipment prices, and higher maintenance costs.

Carriers are also holding onto equipment longer due to a slowing supply of new trucks, making maintenance and upkeep essential to stay up to date with current safety standards.

Consumer spending is fluctuates

Consumer spending is the primary driver of transportation, as we can see with major events like holiday shopping or the construction of a significant landmark. During the onset of the COVID-19 pandemic and other economic factors, consumer spending on durable goods and e-commerce transactions increased significantly, increasing the demand for truck companies and drivers. However, consumer spending has shifted again and people are spending more money on services and experiences instead of durable goods.

Consumer spending may change again due to various factors, but it isn’t easy to predict. For now, many truck drivers have steady jobs but not as much demand for new hire incentives.

The economy is still unpredictable

We’ve all seen the price increase for essential goods like food, shelter, and medical care, causing consumers to pull back spending in certain areas. The Consumer Price Index for All Urban Consumers was set at an unadjusted 8.2% increase over 12 months for all products, which impacts anyone’s monthly finances.

If you need premier asphalt trucking services, reach out to the team at Double D Distribution by clicking here or calling (801) 364-6565. They supply trucking services across the Rocky Mountain Region and are also always looking for new talent!