Data was tracked for a total of 16 different types of merchants. The
grand total for all merchants saw a 19 percent increase in dollars
spent in 2014 compared to the previous year.
Cash withdrawals (individual number of transactions) were up by 18
Restaurants showed a 20 percent increase in dollars spent year over
Pay television services showed a 28 percent increase in dollars spent
year over year.
Grocery stores experienced 17 percent more dollars spent in their
shops in 2014 compared to the previous year. Grocery stores were, in
fact, the top merchant category for 2014 with three million separate
transactions and $135 million in spend.
The only category to show a decline from the previous year was video
rentals – down 4 percent.
RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--
Valentine’s Day, traditionally a great day for the romantically
inclined, also turned out to be a great day this year for restaurants,
pay TV and grocery stores. All of these services recorded customers
spending more money with them than in the previous year.
Transaction data was pulled from the debit and credit transactions of
cardholding members of credit unions across the country using CO-OP
Total Revelation, a data analytics tool from CO-OP Financial Services.
The dollar amounts were tracked from February 12-14, 2013, and compared
to cardholder spending from February 12-14, 2014.
“Valentine’s Day this year happened to fall on the Friday before the
three-day President’s Day weekend, which perhaps fueled additional
spending on what is normally a busy day for merchants,” said Stan
Hollen, President/CEO, CO-OP Financial Services. “That factor combined
with an improving economy made Valentine’s Day 2014 a perfect marriage
of love and commerce.”
Among the highlights of the CO-OP Total Revelation data:
For more information on CO-OP Total Revelation, visit www.co-opfs.org.
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial
Services is the nation’s largest credit union service organization in
terms of number of credit unions, assets and members. For more
information, visit www.co-opfs.org.
CO-OP Financial Services
Manager, P.R. & Corp.
800-782-9042, ext. 3450
Source: CO-OP Financial Services