Report shows that business and consumer spending will hit $1.315 trillion this year
Business and consumer spending are on the rise in the United States, according to a new report from Forrester Research. The report cites and improving economic climate in the country as the reason for healthy growth in spending. Businesses and government agencies are also spending more money because of positive economic trends. The report predicts that total business and consumer spending will grow by 5.3% this year, reaching $1.315 trillion. Spending is expected to continue growing next year by 6%, as well.
Mobile payments are aiding in the growth of consumer spending
Mobile payments are lending power to this period of growth. Software spending, in particular, is expected to grow by 8.6%, reaching $284 billion. Mobile payment applications are a major factor when considering software spending. Numerous applications that allow consumers to spend money from their mobile devices have been released over the past year, and consumers have shown a great deal of interest in using these apps to shop online and in physical stores.
Mobile commerce continues to flourish in the United States
Telecommunications spending in on the rise
The report from Forrester Research also shows that the telecommunications sector will generate $354 billion in revenue by the end of the year. This is a 1.7% increase over the revenue that the sector produced last year. Growth in telecommunications spending in 2015 is expected to accelerate, especially as more people purchase smartphones and tablets and companies work to improve their mobile infrastructure.