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First Data Releases June 2014 SpendTrend® Analysis
|By Business Wire
|July 14, 2014 09:22 AM EDT
Like a toddler balancing on newly discovered, yet slightly rubbery legs,
consumer spending tottered a bit in June, but remained on its feet,
poised to tackle its next steps forward. While slower than last month,
solid June spending growth in a number of sectors was reported today by First
Data Corporation, the global leader in payment technology and
services solutions, in its First Data SpendTrend® analysis
for May 31, 2014 through June 30, 2014, compared to June 1, 2013 through
July 1, 2013. SpendTrend tracks same-store point-of-sale data by credit,
signature debit, PIN debit, EBT, closed-loop prepaid cards and checks
from nearly four million merchant locations serviced by First Data.
A slowly improving economy and growing job market have helped drive
consumer spending. Spending growth in June slowed slightly from May but
remained positive on a year-over-year basis with a growth of 3.0%. While
spending in Travel and Hotel slowed from the previous month, growth was
still strong in these sectors, with a year-over-year increase of 4.9%
and 7.1%, respectively. Food and Beverage Stores spending was up 4.7%
vs. May’s 4.2% growth, a trend reflecting an increase in food costs.
Retail spending growth retreated slightly in June compared to May but
remained positive with 1.2% growth. 5.7% growth in Building and
Gardening Materials and 1.5% growth in Furniture and Home Furnishings
reflect continued improvement in the housing market. However, a slowly
declining unemployment rate caused consumers to remain hesitant and kept
overall retail spending growth moderate.
Average ticket growth also decreased slightly from May but remained
positive at 0.9% growth on a year-over-year basis, reflecting increased
food and gas prices. Food and Drinking Places and Food and Beverage
Stores saw a growth of 2.5% and 1.5%, respectively, as rising food costs
impacted the average ticket in these categories for consumers.
Finally, credit spending continued to be the preferred spending method
this month with a 5.3% increase in transaction growth and a 3.9% dollar
volume growth. The increase in transaction volume was supported by
year-over-year growth in categories such as Hotel and Travel, where
consumers tend to utilize this payment method most.
“This month’s trends showed some slowing in spending growth but overall,
spending remains healthy, reflecting the recovering economy and consumer
willingness to spend compared to the same time last year,” said Krish
Mantripragada, SVP, Information and Analytics Solutions, First Data. “An
increase in credit usage reflects steady growth in credit lending,
improved consumer credit quality and a growing consumer confidence in
their personal finances.”
June Dollar Volume Growth CHANGE
Note: All transactions are same-store growth.
Processing more than 59 billion transactions globally in 2013, First
Data has long been a data powerhouse with the ability to help its
clients use transaction data to prevent fraud, identify spending
patterns and create loyalty programs.
To view infographics showing June SpendTrend data, visit: http://www.firstdata.com/spendtrend/201406/spendtrend-data-201406.png.
For more information on First Data SpendTrend, visit www.spendtrend.com
or call SpendTrend Customer Care at 800-430-0169.
To participate in the SpendTrend conversation, please follow First Data
About First Data
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 client 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. More
information about the company is available on FirstData.com
as well as on Twitter,
FirstData Spend Trend, 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.
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