11 13 2014

This Holiday Season, Consumers Are Expected To Spend More

11 13 2014

New Data Projects Big Holiday Spending

There’s been plenty of news of late to give owners a reason to invest in small business loans. Much of it has concerned reports that consumers will be spending more over the coming holiday season. However, specific dollar amounts have been hard to come by until now.

According to the National Retail Federation’s Holiday Consumer Spending Survey, the average person celebrating Christmas, Kwanzaa and/or Hanukkah will spend $804.42 this holiday season. This marks a nearly 5 percent increase over last year’s level of $767.27.

“Retailers have plenty of reasons to be optimistic this holiday season, and one of the most important pieces of evidence is the confidence holiday shoppers are exuding in their plans to spend on gifts for their loved ones,” NRF President and CEO Matthew Shay said in a media release. “While not completely throwing caution to the wind, Americans’ frugal spending habits will still be visible this holiday season as they continue to rely on discounts and sales and comparison shop. Consumers will put retailers to the test when it comes to the product mix and value companies can offer today’s shopper who is focused on much more than just price.”

As far as the breakdown of how this money will be spent, the NRF reports $459.87 will be spent on gifts for family members, an increase of 6.5 percent from the previous year. Meanwhile, an average of $80 will be spent on gifts for friends, while spending on gifts for co-workers will average out to $26.23.  However, spending on others, including babysitters and pets will be even higher, averaging out to $30.43.

Competing with online retailers

While it’s great news for small businesses that consumers plan on spending more, on the downside, owners of brick-and-mortar businesses will also have to compete with e-commerce websites.

While it’s true that a recent Accenture survey found 47 percent of consumers said they plan to shop in-store come Black Friday, 56 percent of respondents told the NRF they plan to shop online this holiday season, up from 51.5 percent.

Small business owners may want to consider how a working capital loan could help them compete. For instance, extra money for marketing campaigns could go a long way toward attracting business away from the competition.

Additionally, money for expanded inventories will come in handy to keep consumers satisfied during the holiday rush.

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, a street address, date of birth, and an identification number, such as a Social Security number, that Federal law requires us to obtain. We may also ask to see your driver's license or other identifying documents that will allow us to identify you.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.