First Data has reported that consumers that used credit and debit cards on its processing platform kept spending in May, but also began to show signs of slowing down.
"Overall May card spending growth was healthy but there is reason for caution. During the month we saw consumers reducing the growth of their discretionary spending at retail merchants and increasingly resorting to credit for necessities," said Silvio Tavares, senior vice president and division manager of First Data Global Information and Analytics Solutions, which publishes SpendTrend.
The processor reported May's same-store dollar volume growth increased 7% year-over-year, up from April's growth of 5.7%. Although consumers continued to spend at a healthy clip early in the month, activity did slow as the month progressed. Transaction growth in May held fairly steady at 5.9%.
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