Credit spending growth slipped downward in May to 2.4% while SIG and PIN debit each increased slightly over April.
According to aggregate same store sales activity in the First Data Point of Sale Network, was impacted by performance in Food Services & Drinking Places, Food & Beverage Stores, Travel, and General Merchandise Stores, each of which either maintained or accelerated ahead of their respective April pace.
Overall average credit card ticket growth moved lower to -1.2%. Overall Retail average ticket growth slowed to 0.3% from 0.6% in April, led by several categories with significant deceleration. These included Electronics & Appliances, Furniture/Home Furnishings, General Merchandise Stores, and Sporting Goods, all which could not keep pace with their April growth rates.
Overall spending growth for May slipping slightly to 1.0%, however, almost every industry delivered gains. Leading all industries was Travel at 6.2% growth, which was up from 4.9% in April, and significantly ahead of its growth rate of 2.3% a year ago. Other industries that delivered spending growth in May included Food Services & Drinking Places at 3.8% and Food & Beverage Stores at 2.4%, which was a marked increase over its 0.3% growth pace in April. Gas Stations continued to be a drag on overall growth at -10.6%, as fuel prices remained significantly lower than last May.
Retail spending growth edging upward to 1.1%, but, there were noteworthy gains as well, including Electronics & Appliances with 2.0% growth from 0.5% in April, General Merchandise Stores at 4.0% growth, and Health and Personal Care Stores accelerating to 6.9% growth from 5.4% in April.
For a complete archive of more than 70,000 articles published since 1995 search the CardFlash.com library.