Fall Spending Trends in Colorado
Throughout the U.S., consumer spending is rising. The declining unemployment rate and steady rise in average income has given people the ability to spend more.
Throughout the U.S., consumer spending is rising. The declining unemployment rate and steady rise in average income has given people the ability to spend more. Over the summer, personal income and spending were at their highest level since 2009 , according to Business Insider. That trend has carried into the fall and should remain strong the rest of 2015.
Within Colorado, consumer spending is also continuing to rise. The outlook for the fall is promising, thanks to an increase in personal incomes and a growing population. Additionally, winter is the time when Colorado tourism tends to thrive, which is more good news for businesses.
Looking forward, the signs are positive for increased economic growth around Colorado for the remainder of the year and looking forward. Residents should be aware of these two fall spending trends:
Rise in gasoline and fuel spending
Americans in general tend to spend more on gas or fuel in the fall and winter than they do in other months. With the weather making it difficult to be outside, people opt to drive more than walk during those times of the year. Additionally, gas and fuel are often used to help heat buildings, resulting in higher monthly bills.
That is definitely the case within Colorado. According to data from U.S. Energy Information Administration, Coloradans had more than 40 million cubic feet delivered to the state in December of 2014, compared to just 19 million cubic feet in July of 2015. A seasonal analysis of the last 10 years shows that within the state, gas and fuel usage rises the highest during the fall and winter months.
Uptick in lodging
Spending within Colorado tends to rise in the fall and winter, thanks in large part to the state's expanded tourism efforts. In 2014, the state had 71.3 million visitors who spent $18.6 billion in the state. The Denver Post reportedboth of those were records , though the state could be on pace to top them this year.
Among the areas where spending rises in the fall and winter is lodging. According to the Colorado Tourism Office and Longwoods International, 66 percent of guests to the state paid for lodging in 2014, a 7 percent rise from the previous year. If that uptick happens again, it could mean strong sales for Colorado business owners in the fall and winter.
Services from Vectra Bank can help Coloradans manage their finances and prepare for the increased spending to come.