March Growth Steady Despite Tough Comps & Late Easter; Underlying Fundamentals Weaken
ATLANTA, April 11, 2011 – First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend®analysis for the full month of March 2011 compared to March 2010. SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.
Overall year-over-year dollar volume growth increased 8.1% in March, compared to February’s 8.4% growth rate. Excluding sales at gasoline stations, dollar volume growth was 6.9% in March versus 7.7% in February. Gasoline prices in March were up 30% year-over-year, which limited consumer discretionary spending. Overall average ticket growth was up 1.3% in March, the largest increase in over a year. Excluding gasoline stations, average tickets grew 0.7%. With end-of-season clearance sales over, consumers are now feeling the impact of inflation.
The Mid Atlantic region lagged all other regions in both dollar volume and transaction growth in March. Declines in travel and hotel spending put negative pressure on Mid Atlantic dollar volume growth. The Southwest region was the only region to experience higher transaction growth in March versus February.
Signature debit dollar volume growth rose to 10.2% in March, the largest increase since December. Direct deposit of tax refunds padded consumers’ checking accounts. Credit dollar volume growth slowed to 7.7% in March after posting a 12-month high of 9.9% in February.
“Despite difficult comparables, a later Easter holiday, and soaring gas prices, March proved to be a steady month for overall consumer spending,” said Silvio Tavares, SVP and division manager of First Data Information and Analytics Solutions.
| March Transaction Growth | CHANGE | March Dollar Volume Growth | CHANGE | |
| Credit | +3.4% | Credit | +7.8% | |
| Signature Debit | +9.7% | Signature Debit | +10.2% | |
| PIN Debit | +5.4% | PIN Debit | +6.6% | |
| Check | -15.4% | Check | -12.3% | |
| 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.
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Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
