Image via CrunchBaseCard Spending Growth Slowed Slightly on Tougher Year-Over-Year Comparables
ATLANTA, Nov. 9, 2010 – First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend™ analysis for the full month of October 2010 compared to October 2009. SpendTrend tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at U.S. merchant locations.
October’s same-store dollar volume growth was 6.7% and transaction growth was 8.6%. Despite continued discounting of prices, consumers remained concerned about the economy and high levels of unemployment. October 2009 marked the beginning of the recovery last year. In October 2010, the comparisons to 2009 became more difficult.
Overall average tickets were down -1.7%, representing the fifth consecutive month of negative average ticket growth and the lowest since November 2009. In October, the absolute average ticket value was lower compared to the prior month. Most major merchant categories contributed to the overall decline.
Transaction growth across all major payment types slowed from September as consumers were focused on the elections. October marked the third month in a row of slower year-over-year PIN debit transaction growth. One possible factor that contributed to the slower growth of PIN debit was the implementation of Regulation E, which requires banks to decline debit transactions at the point of sale for customers who have not opted in for overdraft protection..October Card Based Transactions CHANGE
Credit +2.5%
Signature Debit +13.8%
PIN Debit +6.9%
Total Transactions +8.6%
Note: All transactions are same-store growth.
For more information on First Data SpendTrend, visit www.firstdata.com/infoanalytics or call SpendTrend Customer Care at 800-430-0169. A supplementary podcast including further analysis of the SpendTrend October 2010 report is available athttp://www.firstdata.com/demos/spendtrend/SpendTrend_Oct2010.wmv.
