RANCHO CUCAMONGA, Calif. and FRANKLIN, Mass. (12/14/11)--Credit union members spent 8.1% more and made 10.1% more transactions on Black Friday in 2011 than in 2010, according to a study by CO-OP Financial Services and Saylent Technologies, a provider of payment intelligence solutions.
"Some of the top credit unions in CO-OP Network experienced even stronger Black Friday sales growth of 30% and more," said Stan Hollen, CO-OP Financial Services president/CEO.
The analysis of Black Friday sales is not an estimate, but is based on more than 2.6 million transactions made between Thanksgiving midnight and midnight Nov. 25. Drawn from debit card transactions of 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:
- Credit union members rang up 13% more at restaurants and 14% more at fast food establishments on Black Friday 2011, compared with 2010.
- Charitable and social-service organizations and fundraising chalked up 48% gains year over year.
- Men's and women's clothing stores achieved 21% sales growth, while miscellaneous apparel and accessories were up 18%.
- Consumer electronics captured 15% sales growth.
- Books, periodicals and newspapers saw 95% gains.
- Spending on used vehicles (up 70%); recreational campers, trailers and supplies (up 161%); and auto parts (up 16.5%) suggested a surge of automotive travel. Gas pumps saw a 26% gain, highway tolls rose 42%, and car washes increased 64%.
- High-end commodities such as precious stones and metals dropped 26% in year-over-year sales.
"Credit union members are savvy consumers, and this analysis shows they are enthusiastically using debit cards to make responsible holiday purchases, using money in their accounts rather than taking on credit card debt," said Tyson Nargassans, Saylent Technologies president/CEO.