Consumer Spending Makes a Comeback: Same-Store Dollar Volume up 11.5%, Same-Store Transactions up 10.1%
ATLANTA, april 9, 2010 – First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend™ analysis for the full month of March 2010 compared to March 2009. SpendTrend tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at U.S. merchant locations.
Consumer spending made a comeback in March. Same-store dollar volume and transactions increased at their highest rate in two years, marking the first double digit growth since first quarter 2008. Dollar volume growth was 11.5% (10.2% excluding Gasoline Stations) and transaction growth was up 10.1% (9.8% excluding Gasoline Stations), up from 8.4% and 6.9%, respectively, in February. Several key factors contributed to the growth including a 10.0% increase in tax refunds, stabilized unemployment and early Easter spending.
Retailers showed continued improvement with same-store dollar volume growth of 10.3%, compared to 8.0% in February. Conversely, dollar volume growth at General Merchandise Stores (including Value Retail) was 11.6%, compared to 13.0% in February. Consumers began to “trade up” instead of “trading down.”
Transaction growth increased across all industries for the second consecutive month. Higher same store transaction growth in Leisure and Gasoline Stations contributed significantly to the overall increase.
March Card Based Transactions CHANGE
Credit & Signature Debit +8.8%
PIN Debit +12.4%
EBT +14.7%
Total Transactions +10.1%
Note: All transactions are same-store growth.
Additional insights from the SpendTrend March 2010 report can be accessed at www.firstdata.com.