Visa USA Holiday Spending Up 27 Percent
Visa USA reports $32.2 billion in holiday spending volumes for the week before Christmas (Dec. 19 - Dec. 25) were up 26.9 percent over the same period last year. Friday, December 23rd was the highest overall sales volume day of the 2005 holiday shopping season as consumers spent over $5.9 billion.
Growth in Visa volume reflected in the SpendTrak report is the result of two major factors: increased spending by consumers and businesses; and the overall migration of spending from paper forms of payment (cash and checks) to electronic forms (Visa).Wayne Best, Visa’s in-house economist, commented, "Once again, we see clear evidence of a consumer that is generally resilient and comfortable with their financial position. Key contributors to this trend were continued employment gains coupled with a steep reduction in gas prices. As predicted, spending in the days leading up to the holidays was particularly strong as consumers continued to shop in droves, looking for last-minute bargains."
“Spending should remain strong in the days following the holidays as consumers look for post-holiday sales, and begin using their gift cards,” said Best.
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