High-end spenders who tightened their belts in 2009 are starting to loosen them up, as such consumers likely are behind an overall increase in credit card spending last month, suggests First Data Corp.’s August SpendTrend payment card transaction analysis of all store sales activity that First Data processes.
Growth in signature- and PIN-debit transactions is decelerating though still relatively high, the analysis shows.
Credit card transaction growth in August accelerated for the third consecutive month, according to the report. Year-over-year growth was 3.7% in August, an increase from 1.9% in July.
Meanwhile debit card transactions grew at a slower rate. Signature-debit transaction volume grew 11.5% in August from a year earlier, while PIN debit grew by 9.1%.
