FirstData Corp. reported that January's harsh weather significantlylowered consumer spending from the previous month.
The firm's monthly SpendTrend Reportdocumented a dollar volume growth of 2.5%, down from December's3.4% growth, as severe winter weather pummeled the Midwest andeastern half of the country and curbed consumers’ ability to shopand visit stores. Overall transaction growth of 2.1% in Januaryalso slowed from December's growth of 3.1%, the report said.
But while some retailers saw lower spending, others sawincreases. Food and beverage stores, general merchandise stores andbuilding material and supply dealers saw robust growth at 3.7%,2.1% and 4.5% respectively, as consumers stocked up on necessitiesand winter related items, the processor reported.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.