September 12, 2014
Overall retail spending growth in August 2014 was the strongest in more than a year. Retail dollar volume growth reached 2.8% in August – compared to 2.6% in July – as back-to-school shopping propelled spending growth in several retail categories.
August’s overall average ticket growth remained positive at 1.2%, slipping slightly from July’s 1.5% on a year-over-year basis. Looking at growth rates of different payment types, credit transactions grew 5.8% in August, while signature debit card transactions rose 3.9% and transactions using PIN debit cards increased 3.4%. Check transactions decreased 5.9% and prepaid card transactions grew 6%.
“Two important factors, back-to-school spending and late summer vacationing, contributed to strong overall consumer spending in August and despite stagnant wage growth and a moderate housing market, consumer confidence rose in August. Robust credit card spending at 5.8%, was healthy again last month, surpassing both PIN and signature debit growth.”
The report examined the period for August 2 through September 2, 2014, compared to August 1 through September 1, 2013.
Dollar volume growth at furniture and home furnishings and general merchandise stores was positive on a year-over-year basis and increased sequentially compared to July, with a growth of 4.5% and 4.4%, respectively.
Source: Retailing Today
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