First Data Report: Spending growth slowed in May
Atlanta -- A report released Thursday by First Data Corp. said that consumer spending growth slowed in May as concerns about the economy mounted.
According to the First Data SpendTrend analysis for the full month of May 2011, which tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations, 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, senior VP and division manager of First Data Information and Analytics Solutions. “High gas prices and stubbornly high unemployment constrained growth in most merchant categories.”