Release Date: 15 April 2009
Release ID: 1566
Although the global financial downturn has affected almost all industries, experts believe small-to medium-sized freight movers could benefit.
Freight handling in Cyprus is expected to sustain the global economic crisis a lot better than most other industries, according to locally based agents.
As the world continues to see consumer confidence and purchasing power diminish, unemployment rise and investments dramatically decrease, industry stakeholders are analysing all aspects to tackle the months ahead.
“Commercial freight is what will be predominantly affected, as it is primarily driven by purchasing power. Certainly the economic crisis has and will continue to reduce spending, both from consumers and businesses alike,” stated Managing Director, PPS Worldwide Moving, Sotiris Neocleous.
According to Neocleous, companies such as PPS Worldwide Moving, which focuses more on personal effects and handling of special goods, could still prosper.
“Many people will return back to their home country during this crisis, either leaving Cyprus or retuning here, the same as how we’ve seen with so many Poles leaving the UK after loosing their jobs. This basically means an increase personal goods business.
“The same holds true for commercial removals, with business cutting back on expenses and moving to locations that are more affordable,” added Neocleous.
Cyprus is not expected to feel the full brunt of the downturn until the third quarter, when economic injections from tourism, direct and in-direct fall.
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