Mother’s Day Debit Data: Craft Stores Sales Spike
Restaurants and jewelry remained popular for Mother’s Day but do-it-yourselfers really rang the registers, according to data from CO-OP Financial Services.
CO-OP said its analysis of more than 11.4 million debit transactions made by members of its client credit unions from Friday, May 9, through Sunday, May 11, showed an 11% increase in restaurant spending over 2013.
The data also showed a 31% jump year-over-year among smaller-volume sellers of precious stones, watches and jewelry, CO-OP said Tuesday, and there was an 83% spike in total transactions at artist supply and craft shops.
Bookstores also showed solid growth, CO-OP said, with a 17% increase in transactions and an 18% increase in total spending.
Mother’s Day and the country’s first credit union were both founded in 1908, noted Stan Hollen, president/CEO of CO-OP in Rancho Cucamonga, Calif.
“The purchasing activity this weekend by credit union members shows one great American tradition supporting another – and is another encouraging sign for the economy,” Hollen said.
The year-over-year comparison was performed through CO-OP Revelation, an analytics solution powered by the Franklin, Mass.-based Saylent Technologies.