At the risk of sounding like a politician who keeps claiming the recession is over to get spending up, we may just be starting to see the light.
In Deloitte’s Consumer Spending Index released Tuesday, the firm claimed consumers can afford to spend more than they are now and spending will continue to improve. The index monitors cash flow with real wages, real home prices, tax burden and initial unemployment claims. “[The] index rose in November to its highest level since 2004, driven largely by the decrease in initial unemployment claims along with historically low tax levels,” Deloitte reported in a press release.
So what does this mean for retailers? It’s time to be cautiously optimistic. Natural products customers will start to feel better about larger purchases, but in due time. Deloitte recommends retailers offer other purchasing options like store coupons to make customers get back in the habit of feeling comfortable with spending.
As a consumer myself, I know my personal spending habits are leaning more toward quality goods as well. Since the recession hit, I’m less inclined to spend small amounts of money on worthless items, which can be a good thing for natural products stores. If I’m like anyone else, I’m learning that high-nutrient organic foods will be better for me and my wallet in the long term than mass conventional foods filled with artificial ingredients.
For more ways to increase customer spending in your store, see our “12 ways to boost biz” article.