SpendTrend report: Card spending growth strong in October
Atlanta -- A report released Thursday by First Data Corp., which tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations, found that, in October, dollar volume growth held steady at 9.4% versus September’s growth of 9.5%.
Overall transaction growth improved to 7.5% in October from 7.1% in September. Inflation continued to be evident in the food sector as Food/Beverage Stores posted average ticket growth of 2.3% for the second consecutive month.
“Consumers continued to spend in October,” said Silvio Tavares, senior VP and division manager of First Data Global Information and Analytics Solutions, which publishes SpendTrend. “Both transaction growth and credit card spending were up significantly; indicating consumers are increasingly disposed to spending heading into the crucial holiday season.”