SpendTrend: Consumer Spending Growth Hits 12-Month High (Aug. 12, 2013)
Aug. 12, 2013
A long Fourth of July weekend and warm, dry weather throughout much of the U.S., among other factors, contributed to strong consumer spending last month, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments processor.
Dollar volume growth in July increased 7.7 percent year over year, compared with 7.1 percent growth in June, marking a 12-month high, according to SpendTrend, which 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 for closed-loop prepaid spending grew 11.5 percent year-over-year, while signature debit and PIN debit grew 7.5 percent and 7.4 percent, respectively.
“Despite higher year-over-year gas prices, consumer spending remains healthy and the recent pickup in employment, together with a strong housing recovery and stock market gains, should encourage more spending during the ever-important back-to-school shopping season,” said Krish Mantripragada, Information and Analytics Solutions senior vice president, First Data.
