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A report released last Monday by NATSO payment processing partner and Chairman Circle member First Data Corp. found that same-store consumer spending by credit, signature debit, PIN debit, EPT cards and checks at U.S. retail locations rose seven percent year-over-year. April’s growth was 5.7 percent.
However according to the report, consumers were more cautious with spending in discretionary categories in May. Industries such as hotels and restaurants saw significantly slower dollar volume growth in May compared with April. Overall year-over-year average ticket growth was 1.0 percent in May, up from April’s -0.1 percent growth. In May, credit dollar volume growth surged to 8.2 percent past April’s growth figure of 5.8 percent.
“Overall May card spending growth was healthy, but there is reason for caution. During the month we saw consumers reducing the growth of their discretionary spending at retail merchants and increasingly resorting to credit for necessities,” said Silvio Tavares, senior VP and division manager of First Data Global Information and Analytics Solutions, which publishes SpendTrend.
More information on the report is available here.
NATSO and First Data offer a program designed to reduce the significant payment processing costs associated with operating a travel plaza. The cost effective, competitive solution for processing credit card transactions is fast, convenient and secure and includes a fee structure that has no chargeback fees. For more information, contact Dan Hudson at (703) 398-5831 or email Dan.Hudson@FirstData.com.
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