The holiday rush had a big impact on consumer spending statistics for the month of November. The U.S. Department of Commerce discovered a 0.6 percent increase in consumer spending for the past month, which exceeded analyst expectations and demonstrates the continued strength of the American economy.
This statistic is good news for any business owner, and small-business retailers should be particularly pleased. An increase in consumer spending is likely to benefit them directly, and spending is not over for the season. A survey completed by cloud firm SOASTA learned that 28 percent of shoppers would not complete their holiday shopping until after Dec. 22. That procrastination is likely to be good for businesses that will see increasing sales through the end of the year.
The development in consumer spending was fueled by the sharp drop in gas prices across the nation at the end of this year, as well as improving wages and employment, according to Bloomberg. The dip in gas prices and increased consumer spending means many small-business owners are likely to have more money this holiday season. Owners should consider expanding the organization or investing in an improved business insurance policy.
