Highlights November Card Spending Growth as solid
First Data Corporation today released its First Data SpendTrend analysis for the full month of November 2012 compared to November 2011. It highlights November Card Spending Growth as solid despite tough year-over-year comparables. SpendTrend 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 growth remained solid at 5.8% in November, down from 6.7% in October. The growth was considered healthy as November 2011 was a strong month with dollar volume growth of 7.3%. The growth significantly weighted to spending at retailers during the latter half of the month. Although Black Friday retail spending was weaker this year with growth at 8.3% compared to 9.7% last year, overall November dollar volume growth still performed well.
“At first glance, it appears that spending growth is healthy heading into the holiday season,” said Rikard Bandebo, vice president and economist, First Data. “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.”
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