Analysis completed by First Data Corp. showed consumers were slower to open their wallets in June, as compared May’s findings. The First Data SpendTrend tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at U.S. merchant locations.
Dollar volume growth in June was 6.8 percent, compared to 9.2 percent in May. June’s transaction growth was 7.3 percent, representing a 1.1 percent decline from May. Tickets decreased by 0.5 percent, with the biggest contributors of lower ticket averages coming from the food service industry, including QSRs, retailers and service-oriented businesses.
This is the third consecutive month growth has slowed. According to The Green Sheet, this trend may be caused by persistent high unemployment, an increase in personal savings and the expiration of certain government stimulus and benefit programs.
The Southern region was the lowest performing region nationally, with dollar volume growth of 3.8 percent.
Additional insights from the SpendTrend June 2010 report can be accessed at www.firstdata.com or by calling SpendTrend Customer Care at (800) 430-0169.