News & Events

News Hub

Retailers feeling optimistic about consumer spending growth

Retail businesses around the nation are feeling slightly more positive about the possibility for a large-scale increase in consumer spending. Slow economic growth in the wake of the Great Recession has lead many households to cut back on nonessential purchases. However, recent data suggests sales at brick-and-mortar retail stores will soon be on a relatively steady upswing. These organizations can benefit from utilizing dual purpose money counters and check scanners that make it easy to determine income received from daily transactions.

Reporter Chad Lawhorne wrote in his Business and Government column in the Lawrence Journal-World, a daily newspaper based in Lawrence, Kan., about how the most recent local sales tax reports indicate there was a significant increase in retail sales during September. According to him, the city reported an increase of 17 percent in taxable sales compared to measurements taken in September 2012.

"I never make too much of one month's worth of data because statistical anomalies can pop up, but the bigger picture also is looking more positive than it did for the city just a few months ago," Lawhorne wrote. "With nine months of sales tax checks in the bank, retail sales in the city are up 3 percent from the same period a year ago."

Forecasts for continued growth in spending
Similar trends are happening elsewhere around the nation. NPR reported recently that retailers in DeKalb, Ill., are noticing customers have suddenly been willing to spend more money this season. Similarly, Bernard Baumohl, chief economist at The Economic Outlook Group, a research organization, told NPR a large number of retail stores across the country are hiring more employees in anticipation of increased sales during the upcoming holiday shopping months.

In addition to hiring more employees, retail organizations of all sizes can benefit from investing in check scanners and money counters that streamline backroom processes. Rather than worrying about tracking income on a per-transaction basis, store owners can wait until the end of the day to perform essential counting of daily revenue. Businesses don't want to miss out on potential growth opportunities by not having the proper tools available to count money during the busy periods.

October 31, 2013