As Augusta continues to strive for success in a dynamic economic landscape, business leaders have reason for optimism. Nationally, consumer spending is on the rise, fueled by moderating prices, steady wage growth, and historically low unemployment rates. Not to mention, the share of credit card holders making only minimum payments on their bills rose to 10.75% nationally in the third quarter of 2024, the highest it’s been in 12 years according to recent Fed data. These trends reflect a bolder and more confident consumer base, which is driving demand across industries. For Augusta, this signals opportunities to capitalize on a healthy economic backdrop—one that supports not just local businesses, but the region’s broader growth potential. With strong fundamentals in place, Augusta stands poised to leverage these positive shifts and position itself for sustained economic success.
Consumer spending is on the rise
The uptick in consumer spending presents a promising outlook for both lending and investment opportunities. The city’s growing prominence as a tourism and hospitality hub is a key driver of this increase, with events like The Masters bringing a steady flow of visitors, and bolstering local retail and service sectors. This economic activity, combined with moderate price growth and rising wages, enhances consumer confidence and spending power. As local businesses thrive, there is a clear opportunity for banks to support expansion, whether through business loans, real estate development, or financing for new ventures. With Augusta’s economy poised for continued growth, local financial institutions are well-positioned to foster that progress, helping businesses tap into the region’s increasingly vibrant economic environment.
How to react to a potential cool
If consumer spending begins to cool, local business owners should focus on building resilience by adapting to changing market conditions. Diversifying product offerings or services can help attract a broader customer base, while emphasizing value and customer experience will encourage repeat business. Additionally, strengthening local partnerships and fostering community ties can create a loyal customer base that supports businesses even during slower periods.
Business owners can also streamline operations to improve efficiency and reduce costs. By staying agile, responsive to consumer shifts, and continuously innovating, Augusta businesses can weather downturns and emerge stronger, maintaining a competitive edge even when external conditions become more challenging.
Augusta’s consumer spending is on an upward trajectory, driven by the city’s vibrant tourism sector and a favorable economic climate. For business leaders, this creates a wealth of opportunities to drive growth, expand services, and engage with a diverse consumer base. However, as with any market, adaptability is key. If consumer spending were to cool, the ability to pivot will be essential to maintaining momentum. By staying proactive and responsive,
Augusta’s business community can capitalize on current growth and position itself to thrive in any economic climate, ensuring long-term success for the region.
Kevin Glass is the Augusta Market President at Synovus Bank.
Gary Woodhurst is VP of Commercial Banker at Synovus Bank.
