Perspective: Consumer Appetite for Spending Swells in June
Every consumer appreciates a good deal—especially of its on bigger-ticket items they’ve been eyeing all summer like a new grill for the backyard, or the latest garden and power equipment for dad. Thankfully, the weather was warm and dry across most of the nation, which gave the public plenty of opportunities to shop and spend.
According to First Data’s latest SpendTrend analysis, Father’s Day and early Fourth of July sales helped boost year-over-year dollar volume growth to 7.1% in June compared to 6.0% in May. Retail dollar volume growth also grew to 5.5% thanks to the influx in foot-traffic that tends to accompany warmer weather.
Sales weren’t the only reason average ticket growth spiked to 1.0%. More substantial economic factors like an increase in hiring, ongoing improvements in the housing market and rising equity prices are also encouraging Americans to spend—but are they paying with cash or cards and why does it matter? Find out by visiting our June SpendTrend Analysis or by visiting SpendTrend on Twitter and Facebook.
Rishi Chhabra is vice president of information and analytics solutions at First Data.