First Data Releases March 2010 SpendTrend
Spending Makes a Comeback: Same-Store Dollar Volume up 11.5%, Same-Store Transactions up 10.1%
ATLANTA, APRIL 9, 2010 (AllPayNews) –First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend™ analysis for the full month of March 2010 compared to March 2009. SpendTrend tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at U.S. merchant locations.
Consumer spending made a comeback in March. Same-store dollar volume and transactions increased at their highest rate in two years, marking the first double digit growth since first quarter 2008. Dollar volume growth was 11.5% (10.2% excluding Gasoline Stations) and transaction growth was up 10.1% (9.8% excluding Gasoline Stations), up from 8.4% and 6.9%, respectively, in February. Several key factors contributed to the growth including a 10.0% increase in tax refunds, stabilized unemployment and early Easter spending.
Retailers showed continued improvement with same-store dollar volume growth of 10.3%, compared to 8.0% in February. Conversely, dollar volume growth at General Merchandise Stores (including Value Retail) was 11.6%, compared to 13.0% in February. Consumers began to “trade up” instead of “trading down.”
Transaction growth increased across all industries for the second consecutive month. Higher same-store transaction growth in Leisure and Gasoline Stations contributed significantly to the overall increase.
March Card Based Transactions CHANGE
Credit & Signature Debit +8.8%
PIN Debit +12.4%
Total Transactions +10.1%
Note: All transactions are same store growth.
Additional insights from the SpendTrend March 2010 report can be accessed here.
SpendTrend™ March 2010
Media Relations Contact:
Elizabeth Grice, First Data
Investor Relations Contact:
Silvio Tavares, First Data
First Data SpendTrend, a macro-economic indicator, is based on aggregate same-store sales activity in the First Data Point of Sale Network. First Data SpendTrend does not represent First Data’s financial performance