Consumer Spending Trends Indicate Rapid Annual Growth
Thanks to the rapidly growing economies in Canada and the United States, consumer spending is on the rise like never before. Many economic analysts state that the spending power of the average North American citizen is higher than ever before, with considerable disposable income being available for the purchase of numerous goods and services.
Although income itself may not be increasing to match inflation, people are learning how to manage their money with more efficiency. Financial advice is one of the most widely-sought things by a large number of people due to the fact that a bit of safe investment can lead to great monetary reward. An increased reliance on credit also means higher levels of consumer spending.
Consumer Spending Affecting Floral Industry
Consumer spending on floriculture reached $20.765 billion in 2006, up from a revised $19.738 billion in 2005, according to updated statistics from the U.S. Department of Commerce’s Bureau of Economic Analysis. The change represents a 5.5 percent increase for the year. The increase was less than the 7.7 percent increase reported from 2004 to 2005; however it exceeds the modest 2.2 percent increase the year before.
These trends indicate that consumer spending is generating tremendous revenue for florists throughout the United States. Figures in Canada are similar, although smaller to reflect the country’s own economic strength. When analyzed to determine why these trends are growing there are a number of results that one comes up with.
The first is that people are beginning to learn about the tremendous health benefits that flowers offer. Not only do they liven up the atmosphere of a room, but they also help to reduce stress. This can be important for offices or busy homes, and means that consumer spending on flowers is mirroring this realization.
In addition, a large number of people are changing their consumer spending habits. Traditional gifts like ties and socks are not very popular (almost to the point of being dreaded), and candy or chocolates are no longer as valued as a result of increasing health awareness. Consumer spending mirrors this knowledge as more people opt to use flowers as a successful alternative.
Social advances now mean that men and women are more equal than ever before. What this means is that gifts that were not traditionally appropriate for a man are now growing in popularity. Everyone loves flowers, and turning them down simple because a person is male makes little sense. This additional realization is also influencing floral consumer spending growth.
Floral Gift Options Influencing Consumer Spending
The many benefits of flowers are not only changing consumer spending habits, but are making them one of the overall best gifts. One characteristic lending itself to this fact is the sheer versatility that a floral arrangement has to offer. Depending on the occasion or the person you are buying for, chances are you can come up with something that is both suitable and highly enjoyable.
Consumer spending trends are indicating that bouquets of flowers, once the traditional favorite, are now being joined by other popular arrangements. Table centerpieces, wedding decorations, funeral casket sprays and more are growing in popularity on a yearly basis. Sales of these items indicate that people are making educated purchases and are indicative of consumer spending habits.
Floral gift baskets are another popular item. Because of the creative versatility that gift baskets offer, they are replacing many other varieties of gifts. Whether you are choosing to include fruit, candles, cheese or other items is up to your needs, and chances are the florist can easily accommodate them. Consumer spending mirrors this realization, as more gift baskets are being sold alongside flowers.
Another popular trend is to buy flowers and floral arrangements as a thank you to the host of parties or gatherings. This allows people to properly express gratitude without spending a large amount of money and without guessing about what the recipient likes as a gift. You can’t go wrong with flowers in social situations, and consumer spending on floriculture is rising due to public awareness of this fact.
How to Order Flowers Influences Consumer Spending
There is another often-overlooked factor influencing consumer spending habits in relation to floriculture. The convenience of the internet means that many floral retailers are able to put their stores online, providing customers with a new method of ordering gifts. The internet saves time by eliminating trips to the physical shop without sacrificing any quality of service.
The ability to take advantage of same-day local and domestic deliveries influences consumer spending as people realize they can overcome last-minute rushes to the store for Christmas or birthdays. Next-day international delivery opens up a new realm of possibility for sending gifts to loved ones overseas. All of these factors have combined to produce the consumer spending statistics listed above.
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