The economic recession forced many consumers to be careful with their holiday spending in past years, but this trend may reverse in the coming months. Holiday shopping is a well-respected tradition in the U.S., and with Americans more confident in their purchasing abilities, the upcoming season may continue the economic growth that so many retailers are hoping for. In order to prepare for the upcoming holidays, stores should invest in money counters. Economic experts predict rising sales this year from 2012. This is a great sign for retailers and the future of the U.S. consumer markets. With the increase in spending this holiday season, stores will have to be even more accommodating and financial institutions can help families manage their finances to make this year's festivities fulfilling.
A slower, but steady increase predicted
According to ShopperTrak, retail sales during the holiday season are predicted to increase 2.4 percent compared to the same time last year. While this jump is not as significant as the one seen last year, the improvement is a positive sign. The ShopperTrak report noted that retailers will have to take into account how cautious consumers may be during the festivities and focus on offering exceptional shopping experiences. This will help make holiday purchasing a more comfortable task and encourage shoppers to get into the spirit of the holidays.
"Even though online buying increases each year, brick-and-mortar sales remain retail's largest profit opportunity," said Bill Martin, founder of ShopperTrak. "Retailers who deliver a seamless experience both in-store and at every customer touch-point have the chance to capitalize and grab their share of wallet when shoppers visit the stores."
How to prepare for the season
Stores can also prepare for the holiday rush by investing in the right technology that will help them manage the large amount of cash payments. Money counters and check processing solutions are a great way to increase efficiencies and reduce errors associated with closing out each day. Such technology will be necessary this season and as consumer spending continues to increase. Additionally, banks and credit unions can help both consumers and retailers prepare for the upcoming season. Customers may look to their financial institution for financial guidance about how to manage holiday shopping budgets. Financial expertise is important advice during holiday festivities and can be a big help.
September 30, 2013