Clothing Spend Decreased While Interior Furnishings Increased, Among Other Findings
Credit and debit cardholders appear to be spending more on their holiday shopping this year as compared to last, according to CO-OP Financial Services’ analysis of card transaction data from Thanksgiving Day through Cyber Monday. Among the key takeaways, CO-OP’s data indicates credit union cardholders shop more – and spend more – when they do so in a digital environment.
The average amount of money spent per cardholder was up this year, and in some cases, significantly. Credit cardholders spent an average of $323 over the five-day period, up more than 10 percent (+10.6%) over last year’s average of $292. For their part, debit cardholders spent an average of $264 from Thanksgiving Day through Cyber Monday. That’s an increase of nearly 17 percent (+16.8%) over the same period in 2018. CO-OP’s data shows analyst predictions for 2019 holiday shopping increases as high as 19.7 percent were fairly on target.… Read more