Perspective: Shoppers Tightened Spending Budgets in September
After splurging on the kids in August, consumers pulled back in spending in September. Despite the Labor Day weekend and deep discounts on summer merchandise, overall spending growth fell to 5.3% from August’s growth of 7.3%. Although growth slowed, shoppers perused fall merchandise and took advantage of red labeled outdoor equipment and home supplies. With that said, industries like Building Material & Supplies and Furniture & Home Furnishings continued to see spending growth at 10% and 5.7%.
On the other hand, average ticket growth declined to -0.2% from 0.8% the previous month, the first negative growth since December 2012, due to a retreat in prices at the gas pump. Cooler temperatures and less leisurely schedules have made consumers less-likely to fill up, which dropped overall gas ticket growth to -5.9%.
Considering the current political climate, it’ll be interesting to see how consumers will respond heading into the early holiday season. Tell us what you think by visiting SpendTrend on Twitter or visit the SpendTrend site for more information.
Rishi Chhabra is vice president of information and analytics solutions at First Data.