top of page
  • Writer's pictureMonica Montgomery

"Forecasting Consumer Spending: Will the Upward Trend Continue?"

It's the beginning of 2023, we're looking at how businesses will benefit from the extra spending that consumers will have during the first 2 quarters. Let's see how their spending will benefit small businesses!

2022 was interesting! From the ups and downs, wins and disappointments, it was still a year full of learning and adjusting.

Inflation is still an issue, but there’s good news! Consumer spending will increase. That’s right –increase! As 2023 progresses, households will have up to an extra $600.00 per month in their spending budget and consumers plan to spend it on CONVENIENCE. This will include the convenience of online shopping, cleaning services, auto maintenance services, health and wellness, and household maintenance. This could benefit retail, residential/commercial cleaning, auto detail, therapists and holistic services, and home décor businesses.

Be prepared to attract this consumer spending power by having attractive services, simple

customer onboarding and personable customer service.

Here are a few tips to consider:

➢ Offer existing customers packaged services or products first since they have been loyal to

your business. They are more likely to purchase additional services and products to

receive beneficial and quality service.

➢ Have an easy onboarding process for new clients. Money moves fast so consider a “click-

purchase-pay” process for customers as they prefer to complete a sale or booking within

2-3 clicks. This can be done through either a website, booking page, landing page, or

payment link.

➢ Partner with businesses that have customers that match your ideal client. Once the

partnership is established, it’s easier to connect and contact these customers since a

mutual line of communication has been established. Make it easy for customers to access

you and be more aware of what your business offers. Partnerships can be established as

either a referral model, preferred vendor status, add-on package service, and/or social

media collaboration. It’s not a competition – it’s collaboration!

➢ Always focus on what makes the business unique. What advantage does it have in the

industry? How does it differ from others? Why are you passionate about the business?

These are important to maintain your competitive advantage.

Don’t miss out on the benefits of consumer purchase power because it can increase your business income!

2 views0 comments


bottom of page