Wednesday, November 16, 2011
"Consumers continued to spend in October," stated Silvio Tavares, Senior Vice President and Division Manager of First Data Global Information and Analytics Solutions, which publishes SpendTrend. "Both transaction growth and credit card spending were up significantly indicating consumers are increasingly disposed to spending heading into the crucial holiday season."
Dollar volume growth held steady in October at 9.4 percent, compared with 9.5 percent in September. Transactions grew by 7.5 percent in October 2011 – the highest monthly gain since February 2011. The survey showed dollar volume growth for the month reached a 13-month high for food and beverage stores at 9.3 percent.
Inflation pushed average ticket growth up 2.3 percent for the second consecutive month. The average ticket price slowed in growth 1.8 percent in October as gas prices fell from their summer peak, down from 2.2 percent reported the previous month. On average, merchants saved 20 cents per transaction following the Oct. 1, 2011 implementation of the Durbin Amendment to the Wall Street Reform and Consumer Protection Act of 2010.
In other company news, First Data's binding corporate rules for data privacy were authorized by the United Kingdom Information Commissioner's Office. The rules have now been approved by data protection authorities in 18 European Union member states. As the eleventh company to earn Information Commissioner Office approval, First Data becomes one of the few companies in the world to have completed the global data privacy practices process.
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