An analysis of transaction data conducted by CO-OP Financial Services and Saylent Technologies indicates that credit union members are participating in the overall increased consumer spending that has made retailers optimistic about this year's holiday shopping season.
According to an analysis of 2.6 million transactions that CU members made on the day after Thanksgiving, one of the heaviest shopping days of the year, the transaction and shared branching CUSO reported that credit union members spent 8.1% more during that day in 2011 than they did in 2010 and that they made 10.1% more transactions during the same period.
The day after Thanksgiving is known as Black Friday in the retail industry because so many retailers make their entire year's profit over sales on that day and the subsequent Christmas season.
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CO-OP used a service called CO-OP Total Revelation, which Saylent supports, to conduct the transaction analysis.
Appetizing restaurant sales: The survey served up good news for eateries. Credit union members rang up 13% more at restaurants and 14% more at fast food establishments on Black Friday 2011 compared with 2010.
According to the analysis, charitable and social service organizations and fundraising moved up 48% year over year; men's and women's clothing store sales grew by 21% growth, while miscellaneous apparel and accessories were up 18%.
Consumer electronics, a popular gift category, captured 15% sales growth and books, periodicals and newspapers moved up by 95%. Luxury items, however, such as commodities like precious stones and metals dropped 26% in year-over-year sales."
"These remarkable sales growth figures from the credit union community surpass nationally reported averages for Black Friday sales growth overall," said Stan Hollen, president/CEO, CO-OP Financial Services. "Some of the top credit unions in CO-OP Network experienced even stronger Black Friday sales growth of 30% and more."
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