U.S. consumers are consistently reporting increased feelings of confidence about the domestic economy, offering welcome news to retailers hoping to see an increase in spending over the coming year.
The latest Gallup Economic Confidence Index improved by six points during December, reaching the highest number recorded for the Index since prior to October’s partial government shutdown. The confidence of upper income Americans increased by an even greater degree: individuals in this demographic reported an average confidence increase of nine points, above the national mean. This suggests that the consumers with the most disposable income are most likely to be spending in increased amounts at payment processing terminal – positive news for retailers nationwide.
Gallup even reported that the Index is improving heartily during the start of the new year: the Index improved by four points during the week ending Jan. 5.
Nariman Behravesh, chief economist at IHS Inc., recently spoke to Bloomberg about the belief that consumers are currently more open to spending and debt than they had been in previous months.
“Credit conditions are improving,” Behravesh told the news outlet. “We are seeing consumers beginning to take on more debt, and that’s part of the recovery.”Back To Blog