RANCHO CUCAMONGA, Calif., FRANKLIN, Mass., and DES MOINES, Iowa (2/24/15)--Research by three organizations serving the community-based financial institution industry reveals Valentine's Day-related purchasing surged in 2015.
The Members Group (TMG) found credit spending increased 21%, and CO-OP Financial Services and Saylent Technologies Inc. found debit spending increased 16% for the three days culminating in Valentine's Day, compared with 2014.
The 21% in credit spending is based on transactions made from Feb. 12 through Feb. 14 by users carrying credit cards issued by TMG's financial institution clients. TMG's analysts attribute this to healthy growth in credit card portfolios of TMG's clients and the fact cardholders used their credit cards on average 3.5% more this year than last year.
During the same Thursday-through-Saturday period, CO-OP and Saylent found a 16.45% increase in debit card spending. The results covered debit activity at all of the merchant types that Saylent tracks nationwide by members of credit unions that use CO-OP for transaction processing.
"Last year we found debit card spending increased 19% compared to 2013, and this year's increase of 16% almost equaled that in Valentine's Day 2015," said Stan Hollen, CO-OP president/CEO, CO-OP. "It seems Americans really are putting their hearts into the economic rebound."