RANCHO CUCAMONGA, Calif., and FRANKLIN, Mass. (9/8/14)--An increase in shoppers helped boost back-to-school spending in August by 9.2% compared with previous-year data, according to an analysis of debit card transactions by CO-OP Financial Services and Saylent.
The analysis covered 25 merchant types. Merchants offering computer software, stores selling elementary/secondary school supplies and bookstores were particularly busy leading up to Labor Day, CO-OP and Saylent said.
"An increase in the number of transactions--up 7.9%--holds the key to the 9.2% spending increase," said Stan Hollen, president/CEO of CO-OP. "The amount-per-transaction rose only 1%--$50.72 in 2014 from $50.12 in 2013. So, credit union members were individually spending about the same amount, but there were more members making back-to-school purchases this year."
This analysis of sales is based on transactions made during August, with results covering debit card activity nationwide by members of credit unions that use CO-OP for transaction processing.
Among the highlights of the data: