RECESSION DUE IN Q3 2023?
Of course, to predict anything comes with a huge dose of humility, and certainly predicting a recession would be at the top of that list. However, Dr. Elliot Eisenberg made a very convincing case with his “Laughs & Graphs” presentation at the Wheaton/Bekins Awards Gala this past Wednesday at the MGM Grand Las Vegas.
Why, and what does this mean to you:
- CHARTS TELL THE STORY: His charts of the past 50 years showed how a recession followed events like we are seeing now, with the exception of three times when unpredicted economic conditions came to pass.
- WHY Q3? The charts seem to indicate a recession follows these economic events with a fairly predictable timetable, and under the current conditions, that would be Q3.
- ARE WE IN A RECESSION ALREADY? While certain indicators are not flashing recession yet, the slowdown in spending started late last year. Almost all the major retailers saw slowing sales. It’s the job market right now that seems to be the real wildcard, as it remains fairly robust…so far.
- WHAT CAN YOU DO TO PREPARE:
- GET PAYROLL UNDER CONTROL: 2023 looks more like 2019 than ‘20-21.
- EMPHASIZE STORAGE CAPACITY: It’s something that you can control.
- LOOK AT ADDITIONAL LEAD SOURCES: If you are working with an SEO consultant, ask them to give you some direction here.
- GET YOUR MARKETING IN ORDER: It’s amazing how many movers aren’t familiar with SEO when it’s the biggest lead source for most major moving companies today.
- CONSIDER SPECIAL OFFERS: Why not? You need to prime the consumer in this type of environment.
- RESIDENTIAL SALES ARE ALREADY IMPROVING: In January, there were 15.3% more homes listed than the prior year. This bodes well for Moving & Storage.
Nobody knows for sure what the next six months look like, but caution seems to be the byword.
We’re proud to have been getting moving leads for movers since 2010. Onward & Upward!