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
Mobile commerce has become a powerful force in the United States. While no single mobile commerce platform or service has yet found mainstream acceptance among the majority of consumers, numerous platforms have managed to thrive in an environment where mobile shopping and spending has become quite popular. Consumers appear to favor mobile commerce because of its convenient nature. Payment apps allow consumers to use their mobile devices to shop and pay for products no matter where they are in the world. In-store mobile payment support has also made it easier for consumers to purchase their products quickly, helping them avoid lines and lengthy checkout processes.
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.
Apple Pay was launched at the end of October this year, and has since become a prominent payment platform among iOS users. The service launched with the support of a wide range of retail partners, many of whom also adopted mobile point-of-sale systems to accommodate the growing number of those paying for products with their mobile devices. Services like Apple Pay are expected to continue powering the growth of the mobile payments field.