Travel is back in fashion and the chauffeur industry is booming but there is a big question. What will the second-half of the year look like? With high fuel prices, the war in Ukraine and inflation nearing double-digit figures, will the UK enter recession before 2023?
After the last two years, anyone left in the chauffeur industry is making hay while the sun shines. Most chauffeur companies I know are working at an unsustainable pace. Everyone is flat-out. Sooner or later however, there will be a change and what that looks like for the travel market is a big question.
While airports are so crazy busy with holiday makers, it is easy to overlook warning signs in the media. Energy bills are increasing and they will continue to increase this year. Higher interest rates are starting to affect mortgage repayments and prices in the shops have yet to reach their peak.
In the UK, US and Europe, stocks and shares have reacted. Gloomy news from retailers is spooking the markets. As consumers feel the pinch, economies are facing a challenge. Uncertainty creates fear and fear drives change. As consumers and businesses tighten their belts, the travel industry is often the first victim of any cutbacks.
After the pandemic and a looming economic crisis, the next few months need serious consideration. With an abundance of work, some chauffeur companies changed their core business by chasing high end, well-paying passengers who only travel occasionally. At DrivenByQ we prefer to stay loyal to our regular clientele.
There is little glamour in chauffeuring auditors and accountants. It does not warrant bragging rights, but it does pay the bills and facilitate survival. So, the big question is, how many chauffeur companies can survive the next challenge? And how far in advance are they planning their business strategy? The next six months will certainly tell.