Waiting on the Commerce Department
Consumer spending increased 2.7% in August.
Even after adjusting for the Cash for Clunkers program, spending rose 1.1% over July, 2009. That’s good news for sure. But pundits still urge caution on holiday forecasts or extending the positivism beyond the next Commerce Department report. Since consumer spending accounts for 70% of the economy, that’s certainly prudent advice.
We can’t help but be more positive than the pundits. We recently completed analysis of customer intercept data for a national retailer. Our work pointed to operational issues that left room for significant improvement in conversions. Let’s be clear: customers told us they wanted to buy more from this retailer.
While that kind of unmet need doesn’t occur everyday, it does shift the consumer spending conversation beyond doom and gloom. Rather than wait for another Commerce Department report (the back-to-school spending report is due out on Oct. 14), take a proactive approach to encouraging consumer spending by listening to your customers.
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