RANCHO CUCAMONGA, Calif., and FRANKLIN, Mass. (1/18/12)--Credit union members spent 15% more during 2011's holiday shopping season than they did in 2010, according to a new analysis by CO-OP Financial Services and Saylent Technologies.
"This month-long holiday spending surge among credit union members is even higher than Black Friday sales growth among the same group, which we found grew 8.1% year over year," said Stan Hollen, president/CEO of CO-OP Financial Services. "This robust sales activity mirrors the powerful momentum of the credit union movement overall," he added.
"Our analysis revealed a remarkable 10% increase in the number of debit cards in use during the holiday season, the result of a burgeoning consumer interest in credit unions," said Tyson Nargassans, president/CEO of Saylent Technologies.
- A 513% increase in political contributions, which CO-OP and Saylent attributed to the U.S. presidential campaign;
- A 48% increase in sales at tavern and alcoholic beverage purveyors;
- A 38% increase in contributions to charitable and social service organizations; and
- A 125% increase in stocking up sales at buying clubs and shopping services.
The strongest sales were in leather goods, and records and compact discs, each up 42%. Other strong sales were in flowers and nursery stock, up 40%; bicycles, up 22%; computer software, up 21%; books, up 21%; candy and nuts, up 18%; and pets, up 17%.
The analysis is based on more than 71.9 million transactions representing $2.8 billion in spending between Nov. 25 and Dec. 25. Drawn from debit card transactions across 563 credit unions processed by CO-OP, the comparison was performed through an advanced analytic solution, CO-OP Total Revelation, which is powered and conducted by Saylent.
The spending analysis looked at credit union members both at brick-and-mortar and online establishments.
Saylent is a provider of payment intelligence solutions based in Franklin, Mass. Rancho Cucamonga, Calif.-based CO-OP provides access and convenience products for credit unions.