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26/01/2010 -
Canadian businesses may be able to expect an increase in consumer spending as consumer confidence skyrockets, as found in the latest Nielsen Global Consumer Confidence Index.The report found that Canadian consumer confidence rose by 4 points in the fourth quarter of 2009 compared to the previous quarter, and now stands 14 points higher than the level seen in April 2009.
With an index reading of 98, Canada is now in the top 10 for consumer confidence, one of only two non-Asian countries in that group. Canadian consumer confidence ranked 16 points higher than that of the U.S. and 11 points higher than the global average.
This is particularly good news for Canadian businesses, which may see increased debit and credit card processing thanks to resumed consumer spending.
For example, the study found that Canadians are more likely to pay off debt than the global average - indicating healthy credit ratings and therefore higher credit card use - and are significantly less likely to save or invest their money, also suggesting higher spending.
To take advantage of this trend, Canadian businesses are encouraged to make sure their POS terminals - and other payment processing infrastructure - are capable of handling the increased demand.
