The Members Group has reported that its analysis of consumercard spending found that consumers largely spent as predicted andthat some consumers began spending more as early as the Tuesdaybefore Thanksgiving.
|TMG's analysis echoes similar findings from other cardprocessors FirstData and CO-OP Financial Services.
|“Consumers hitting the stores a bit ahead of schedule may stemfrom earlier promotion of online Black Friday offers, not tomention brick-and-mortar stores keeping doors open on the holidayitself,” said TMG's Director of Marketing and CommunicationsGeorgann Smith.
|She added, “Black Friday data shines a spotlight on the consumerpreference for credit when making larger purchases.
|“For community FI issuers, the key will be maintainingtop-of-wallet status throughout the holiday season and beyond. Andas more card offers hit mailboxes in 2013, the focus for theseissuers must be on maintaining that competitive edge.”
|Credit and debit users who carry cards issued by TMG financialinstitution clients spent slightly more on average this year ascompared to the same period last year, the Iowa-based processorreported.
|It also reported the total spend amount for debit cardholdersduring Thanksgiving week averaged roughly $130 this year ascompared to roughly $120 during the same week in 2011. Similarly,credit cardholders' total spend amount increased $15, from $208 in2011 to $223 in 2012.
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