RANCHO CUCAMONGA, Calif. – Credit union members spent 8.1% more and made 10.1% more transactions during this year’s Black Friday than in 2010, according to a new analysis conducted by CO-OP Financial Services and Saylent Technologies, a provider of payment intelligence solutions.
“These remarkable sales growth figures from the credit union community surpass nationally reported averages for Black Friday sales growth overall,” said Stan Hollen, president of CO-OP Financial Services. “Some of the top credit unions in CO-OP Network experienced even stronger Black Friday sales growth of 30% and more.”
The analysis of Black Friday sales is not an estimate, but is based on more than 2.6 million actual transactions made between Thanksgiving midnight and midnight the following day. Drawn from debit card transactions across 562 credit unions processed by CO-OP Financial Services, the year-over-year comparison was performed through an advanced analytics solution, CO-OP Total Revelation, powered by Saylent Technologies, and was conducted by Saylent’s Insight360 consulting team.
The group’s total Black Friday spending represented both brick-and-mortar establishments and Internet transactions.
Some of the key findings:
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