First Data: Card spending growth inched lower in June as consumers remained cautious
Atlanta -- A report by FirstData Corp. found that year-over-year dollar volume growth was 6.4% in June, down from May’s 7.0% growth as continuing high unemployment and economic anxiety caused consumers to pull back on spending. The report tracks same-store consumer spending by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations.
The First Data SpendTrend analysis for the full month of June 2012 compared with June 2011 found that average ticket growth at retail stores slowed to 0.1% in June from 1.0% in May. Many retailers engaged in aggressive promotional activity in order to stimulate demand. Low inflation levels also contributed to the slowdown in average ticket growth. Average ticket growth at retail stores was 1.5% in June after rising 1.9% in May.
“Consumers became increasingly cautious with their spending in June. Unseasonably warm temperatures accompanied by storms further dampened spending growth late in the month,” said Mark Herrington, executive VP of global product management and innovation, First Data.
Here is more information from the report:
|June Dollar Volume Growth||Change|
Note: All transactions are same-store growth.