Many Americans can't resist the lure of spending
New research shows Americans believe making a purchase improves their mood, meaning small-business owners should have all the latest transaction processing solutions ready so they can more efficiently count their drawers and determine daily sales, especially as concerns about the economy abound and more people may be looking to boost their spirits with a shopping spree.
Consumers spend when they're down
According to a new survey by Ebates.com, 51.8 percent of Americans make purchases to bolster their spirits. Women are more likely to engage in this behavior, and while 63.9 percent of them admitted shopping helps them feel better when they're down, 39.8 percent of men said the same.
A surprising number of men and women claim to shop to enhance their moods, but they're purchasing very different things. Women most commonly buy clothing, food, shoes, accessories and books and magazines, while men spend their money on food, electronics, music and movies, clothes and games. This means a plethora of retailers need to be ready to handle the extra purchases that come with particularly bad days and have the right transaction solutions on hand.
Survey respondents listed plenty of reasons why they'd head to the store to improve their moods. Nearly 19 percent said they'd make a purchase after a stressful day on the job, 14.6 would shop after hearing bad news and 12.2 percent pull out their wallets after fighting with a significant other.
Small businesses need the right solutions
While entrepreneurs may think their businesses aren't exactly where most people would engage in retail therapy, the poll proves that may not be the case. With people shopping at a variety of places for a vast array of products to make themselves feel better about a situation, smaller firms could benefit from this consumer spending habit. However, they need to be able to properly manage the additional transactions they may see on days a stressed customer comes in to make a purchase that will boost his or her mood.
Having the ability to more efficiently manage cash and check handling practices means a small-business owner has more time to devote to operations and other aspects of their lives, rather than manually counting currency and adding up checks at the end of each night. This can help them improve the speed with which they determine daily profits, eliminate errors that come with manual processing, allow them to move on to other tasks more quickly and spend more time pleasing customers in the store.