Report: Consumer Spending Growth Gained Steam in May
Jun 11, 2013
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A First Data Corp. analysis showed that May 2013 U.S. consumer spending was up 6% in dollar volume compared to May 2012. That's stronger growth than in April 2013, which was up 5.1%.
The electronic commerce and payment processing company said that warmer weather across the United States supported shopper foot-traffic and helped drive sales of spring and outdoor seasonal merchandise. May also saw growing strength in equity and housing markets, which fostered more consumers spending confidence.
Transaction growth was up to 5.8% in May 2013, the highest growth since November 2012.
The report said May retail dollar volume growth was 5.5%, up from April's 4.3% growth.
The report said that all retail categories saw year-over-year dollar volume growth--the first time that's happened since January of this year.
Housing market momentum helped drive growth in sales at Building Material & Garden Equipment Dealers.
"The combination of warmer weather, lower gas prices, an increase in home prices, and a record-breaking stock market encouraged shoppers to spend in May," said Krish Mantripragada, SVP, Information and Analytics Solutions, First Data. "Credit card dollar volume and transaction growth accelerated and continued to surpass both PIN and Signature Debit growth. Overall healthy spending growth points toward encouraging consumer resiliency and increased confidence."
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