SpendTrend – February 2024

Extra day helps boost spending

 

Overall spending grew at +7.4% year over year in February, up from +2.2% in January, according to the latest SpendTrend® from Fiserv report. Year-over-year transaction growth was +8.0%, up from +2.2% a month earlier.

SpendTrend provides a comprehensive look at patterns of actual consumer spending each month, aggregating U.S. retail sales data across more than four million merchant locations in all major retail verticals, plus services, travel and lodging, and food.

 

February 2024 highlights

Retail spending grew to +2.8% in February, a 13-month high that is well ahead of the -2.4% pace in January. Spending within Lawn and Garden (+4.1%), Miscellaneous Retailers (+4.8%) and Electronics and Appliances (+3.2%) were among the highlights.

Grocery spending increased +3.9% year over year, while Food Services/Drinking Places jumped +6.8% following a sluggish January.

Despite a significant year-over-year increase in transactions (+26.6%), Travel showed flat spending growth (+0.4%) – due in large part to increases in surface travel-related spending that drove much lower average ticket sizes (-20.7%).

Download the February report to explore spending across nine industry verticals and nine retail subindustries. Key topics:

  • Year-over-year spending and transaction growth/decline
  • Average ticket size – overall, by sector and by payment type
  • Transaction, spending and ticket size growth by payment type – overall and by sector
  • Spending growth by region

 

All data is Fiserv proprietary data and includes only actual card-based forms of payment. SpendTrend® from Fiserv is a macroeconomic indicator that reports aggregated year-over-year, same-store sales activity for card-based payments. SpendTrend does not represent Fiserv financial performance.

© 2024 Fiserv. All rights reserved.

 

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