The Equipment Leasing and Finance Association (ELFA) recently unveiled its list of top purchasing trends for 2021.
The association anticipates more than $1.8 trillion will be spent on business-related goods this year.
Driving a projected growth rate of 7.8 percent in capital spending will be continued investments in new equipment and software to preserve operations.
ELFA sees the majority acquiring this equipment through financing, as long-term interest rates continue to fall, and the Fed seemingly committed to keeping them at or near zero.
The categories projected to see the most growth include medical and construction equipment, as well as truck production.
The acquisition of products needed for the digitalization of production and supply chain processes should increase as well, in response to the need for e-commerce solutions.
The continued use of digital transaction and communication tools, and the growth of work-from-home employees, will make cybersecurity a key purchasing priority.
More information on ELFA’s top acquisition trends for 2021 is available at https://www.equipmentfinanceadvantage.org/toolkit/10trends.cfm.