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23/11/2009 -
Canadian merchants - especially in the tourism, entertainment and home improvement sectors - may soon see increased demand for credit card processing as Canadian consumers grow in confidence and warm up to spending, said a new report.According to the Nielsen Company's latest Global Consumer Confidence Index, Canadian consumer confidence rose to 94 this quarter, up 4 points since July and 10 points since April. Canadian consumer confidence has been higher than that of both the U.S. and the global average since May 2008.
This increased confidence will likely lead to higher spending, as 41 percent of Canadians said it was a good or excellent time to buy, marking an increase of 7 percent since June.
Canadian consumers reported that most of their spending will go toward paying off loans and credit card debt, indicating that they will be in a more financially stable position to start spending with their credit and debit cards again.
While important for any company, businesses in the tourism, out-of-home entertainment, and home improvements and decorating sectors will find it especially important to offer credit card processing, as these were the top three categories for planned spending.
