First Data: November, Black Friday Spending Weaker than Last Year (Dec. 11, 2012)
Dec. 11, 2012
Dollar volume growth for November was solid but came in lower than last month and the year-ago period, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments processor.
November dollar volume growth was 5.8 percent, down from 6.7 percent in October and down from 7.3 percent in November 2011, according to SpendTrend, which tracks same-store consumer spending by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations. Dollar volume for closed-loop prepaid spending grew 11 percent year over year, while signature debit and PIN debit grew 4.8 percent and 5.3 percent, respectively.
Much of the retail spending understandably came toward the end of the month, but Black Friday spending was weaker this year with growth at 8.3 percent compared with 9.7 percent last year.
“At first glance, it appears that spending growth is healthy heading into the holiday season,” said Rikard Bandebo, First Data vice president and economist. “However, November 2012 was among the slower growth months this year, so retailers may begin to engage in more competitive pricing to attract shoppers as the holiday season progresses.”