Credit-union members spent 8.1% more and made 10.1% more transactions during this year’s Black Friday than they did on the same day last year, according to a new analysis conducted by Co-op Financial Services and Saylent Technologies, a provider of payment-intelligence services.
The sales-growth figures from the credit-union community surpass nationally reported averages for Black Friday sales growth overall, said Stan Hollen, Co-op president. “Some of the top credit unions in the Co-op Network experienced even stronger Black Friday sales growth of 30% and more,” he said.
The companies drew their analysis of Black Friday sales from debit card transactions across 562 credit-union processing customers of Rancho Cucamonga, Calif.-based Co-op. Saylent’s Insight360 consulting team performed the year-over-year comparison through an advanced analytics service, Co-op Total Revelation, Saylent powers.
The group’s total Black Friday spending represented both brick-and-mortar establishments and Internet transactions.
Among the key Black Friday findings, credit-union members rang up 13% more at restaurants and 14% more at fast-food establishments, and their charitable giving rose 48%, the research found.
Buying at men’s and women’s clothing stores rose 21%, while purchases of miscellaneous apparel and accessories were up 18%, the research found. Consumer electronics, a popular gift category, captured 15% sales growth.
Purchases of books, periodicals and newspapers grew by 95%, while spending on used vehicles was up 70%. Other sales increases included recreational campers, trailers and supplies, up 161%, and auto parts, up 16.5%.
Acquisitions of gasoline increased 26%, highway-toll payments rose 42%.
Purchases of high-end commodities such as precious stones and metals dropped 26%, according to the analysis.
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