Industry News

07/02/2012 - According to the U.S. Department of Commerce, retail sales are expected to grow by six percent in 2012. Last year, sales increased by approximately 7 percent as consumers began making purchases they have been putting off since the recession, according to Kiplinger.

Credit card use and consumer credit have seen a recent uptick, reaching the highest level of consumer credit in 10 years. During the holiday season, credit card payment processing was up by almost 10 percent. For the third straight monthly increase, revolving consumer credit totalled $5.6 billion. However, analysts expect the growth and burst of credit spending could result in a slower start to 2012. Consumers might spend less as they pay off credit card bills, but disposable incomes are ultimately predicted to grow this year, resulting in more spending and retail growth later on, the source reports.

Of retailers that have experienced growth in sales this year, the top 10 companies account for nearly 30 percent, according to a Deloitte study. The report names Aldi, Walgreens, Home Depot, Costco, Schwarz, Kroger, Metro, Tesco, Carrefour and Wal-Mart as the companies that rang the most sales through their point of sale terminals throughout the year.

Companies that want to accommodate increased consumer spending can invest in new retail technology and online payment services that make transactions fast and convenient for customers.