First Data SpendTrend Report Finds Accelerated Retail, eCommerce Growth during 2017 Holiday Season
1-16-2018
An analysis of consumer holiday spending at 1.3 million merchant locations in the United States by ETA member and payments technology company First Data has found that holiday spending, particularly via eCommerce, accelerated in 2017.
Overall sales growth for the full holiday season was 6.2 percent year-over-year, up from 2016’s 4.7 percent growth, according to data from First Data. Further, retail spending grew 5.4 percent during the 2017 holiday season, a 1.8-point increase over 2016. eCommerce totaled 29 percent of total transactions, up from 26 percent last year.
“A variety of factors created a ‘perfect storm’ for consumer spending this season, from low unemployment and high consumer confidence, to the soaring stock market and even good weather conditions for most of the U.S.,” said Glenn Fodor, Senior Vice President, Head of Information and Analytics Solutions at First Data in a press release. “Consumers were out in full force during the entire season, leading to impressive growth rates. Additionally, while eCommerce continues to grow rapidly, brick-and-mortar still remains a vital part of the holiday season.”
The average bill size for eCommerce transactions was $103.49, down slightly from 2016’s $105.73 and far above retail brick-and-mortar’s 2017 average size of $68.57. Coupled with a 13 percent growth in transaction volume over last year, these data suggest that more people are using online channels to purchase less expensive everyday items than years past, the report says.
Read the full release here.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.