Just as business owners start to look to the oncoming holiday shopping season, a recent gauge of consumer behaviors shows American consumers are more confident than they have been in nearly a year. This could mean big things for stores, as more foot traffic and higher spend in the fall months could precede a busier winter that businesses need to prepare for. No one wants to lose out on sales, or offer a poor experience for customers who may then never return, which makes dual-purpose cash and check scanners all the more important.
According to a monthly index measuring confidence by the Conference Board, U.S. consumer optimism increased 4.4 points to 101.1 in August after a small dip in July. This is the highest the index has registered in nearly a year and could bode well for retail prospects in the near future. Lynne Franco, director of economic indicators, said consumers' views of business and labor market conditions were markedly better than July and that their expectations for such conditions in the near term were similarly strong. All this suggests, Franco said, "the possibility of a moderate pick-up in growth in the coming months."
The increase was greater than most expected. CNBC reported a Thomson Reuters poll of economists expected the August index to only reach 97 points.
Businesses will miss out if they're not properly equipped to take advantage of rising consumer confidence. There's no time to waste once the care-free days of summer are in the rearview mirror, especially as economic activity picks up and consumers start to flock to retail stores amid a rising tide of confidence. Businesses need dual-purpose cash and check scanners to ensure transactions are completed as efficiently and accurately as possible, or consumers' cash may start to head elsewhere.
October 24, 2016