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30/10/2009 -
Merchants in Canada and beyond may start to see more consumer spending, as a global index of consumer sentiment experienced a boost in October. The Nielsen Global Consumer Confidence Index rose 9 points in October to reach a reading of 86, compared to the 77 recorded in April, which was the lowest point to date.
Consumer confidence posted gains in 45 of the 52 countries surveyed, while only two countries - Spain and Japan - saw declines.
Nielsen noted that the growth in consumer confidence is largely driven by "massive" stimulus plans that began taking effect between April and October.
The report also highlighted the correlation between consumer confidence and consumer spending.
"In this economic climate, sentiment is closely correlated to actual sales," said James Russo, vice president of global consumer insights at Nielsen. Russo used the example of Australia, in which an 11-point quarterly rise in consumer confidence led the Reserve Bank of Australia to raise rates, becoming the first G20 country to do so.
As consumer confidence pushes sales higher, it will become increasingly important for small merchants to have credit card processing capabilities - experts say that businesses that accept Visa, MasterCard, and other credit cards tend to have higher sales and improved cash flow.
