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Analysis

CU Member Holiday Spending Slows Near Finish of 2020

PSCU finds members spending more remotely and less in person.

U.S. map showing that credit and debit card spending has slowed down or declined across the country.

Credit union members slowed down their holiday spending as deadlines for goods to arrive by Christmas passed and the number of COVID-19 cases rose, according to a PSCU report released Monday.

The St. Petersburg, Fla.-based payments CUSO’s Transaction Trends Update found that among members of credit unions whose transactions are assisted by PSCU, debit card spending in Week 50 that ended Dec. 13 was 13.9% higher than in Week 50 that ended Dec. 19, 2019. The growth rate was weaker than both the 18.1% gain for Week 49 and 14.2% gain in the four weeks ending Nov. 28.

Credit card spending for Week 50 rose 4.1%, below the growth rates of 5.7% in Week 49 and 4.4% in the four weeks ending Nov. 28.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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