RANCHO CUCAMONGA, Calif., FRANKLIN, Mass., and DES MOINES, Iowa (12/11/14)--Credit card spending increased 12.97% and debit card spending rose 6.71% from Thursday to Monday of Thanksgiving weekend, compared with the same period in 2013, according to CO-OP Financial Services, Saylent and TMG.
The results covered debit activity at 20 different merchant types nationwide by members of credit unions that use CO-OP for transaction processing. The year-over-year comparison was performed through the CO-OP Revelation analytics solution powered by Saylent, and was conducted by Saylent's FInsights360 consulting team.
"This year CO-OP and Saylent have tracked debit card spending during four periods--Valentine's Day, Mother's Day, August back-to-school shopping and now Thanksgiving--and we have found increases in each case," said Stan Hollen, CO-OP president/CEO. "As with back-to-school shopping, the increased number of transactions was key to the increase in total dollars spent."
Additional data emerging from the CO-OP and Saylent analysis included:
During the same period, TMG found a 12.97% increase in credit spending for users who carry credit cards issued by TMG's financial institution clients.
Additional data from the TMG analysis includes: