Shoppers Not Spooked of Spending: Halloween Leads Strong October Spending Growth
Shoppers proved they weren’t spooked by spending when a Friday Halloween and a weekend of trick-or-treating and Halloween parties helped boost October’s 3.8 percent spending growth, according to our most recent SpendTrend® analysis, versus September’s 3.1 percent growth.
The Leisure category saw a strong increase from September, with 4.6 percent growth fueled by strong recreational activities and amusement park sales, most likely driven by balmy weather across much of the U.S. and late-season amusement park Halloween events. Spending growth at Food & Beverages Stores and Food Services & Drinking places was healthy at 4.9 percent and 6.3 percent, respectively.
Spending growth for all card types (credit, PIN and SIG debit), experienced a healthy increase in October. Credit’s dollar-volume growth of 5.5 percent outperformed both PIN and SIG debit growth of 2.1 percent and 2.5 percent, respectively. Credit’s growth was supported by strong showings in categories such as Hotels, where credit is the preferred spending method. PIN and SIG debit growth was driven by stronger spending in Food & Beverage Stores and Food Services & Drinking Places.
By region, the Southwest led the nation’s mostly strong spending growth with at 5.4 percent, up considerably from September’s 3 percent growth. The Midwest was not far behind with 4.7 spending growth as the pace of employment and new home sales have improved.
Rishi Chhabra is vice president of information and analytics solutions at First Data.