SpendTrend: Card Spending Growth Hits 10-Month High (July 11, 2013)
July 11, 2013
Consumers continued to demonstrate strong spending habits in June, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments processor. Wet weather that dampened demand on the East Coast in the early part of the month was offset by warmer weather across the rest of the U.S., leading to increased spend on seasonal merchandise. Shopping for Father’s Day gifts and the Fourth of July items also helped buoy sales.
Dollar volume growth increased 7.1 percent last month year over year, compared with 6 percent growth in May, and card spending growth hit a 10-month high, 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 12.7 percent year-over-year, while signature debit and PIN debit grew 6.9 percent and 4.4 percent, respectively.