June 09, 2011 09:00 AM Eastern Daylight Time
Consumer Spending Growth Slowed in May as Economic Concerns Mount
ATLANTA--(BUSINESS WIRE)--First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend®analysis for the full month of May 2011 compared to May 2010. SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.“High gas prices and stubbornly high unemployment constrained growth in most merchant categories.”
Higher unemployment and weaker economic conditions negatively impacted consumer spending in May. Year-over-year dollar volume growth slowed to 6.6%, the lowest monthly growth rate in 2011. Year-over-year transaction growth of 5.1% represented the slowest growth over the past 12 months.
Average ticket values increased 1.4% year-over-year in May, a slight uptick from April and the largest increase in over a year. Excluding gasoline stations, average tickets increased 0.5%. Most industries except food/beverage stores and food services/drinking places saw increased average tickets.
“Card spending growth slowed in May,” said Silvio Tavares, SVP and division manager of First Data Information and Analytics Solutions. “High gas prices and stubbornly high unemployment constrained growth in most merchant categories.”
May Transaction Growth | CHANGE | May Dollar Volume Growth | CHANGE | |||||||||||||||
| Credit | +6.5% | Credit | +8.8% | |||||||||||||||
| Signature Debit | +6.9% | Signature Debit | +6.6% | |||||||||||||||
| PIN Debit | +1.4% | PIN Debit | +2.6% | |||||||||||||||
| Check | -12.4% | Check | -7.9% | |||||||||||||||
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.
First Data SpendTrend, a macro-economic indicator, is based on aggregate same-store sales activity in the First Data Point of Sale Network. First Data SpendTrend does not represent First Data’s financial performance.
