Dollar volume growth improved to 6.2% versus 4.0% in December as consumer spending bounced back despite the payroll tax increase. Improved retail spending was a large contributor to this growth. Retailers experienced a healthy rebound in spending as consumers increased discretionary spending during the start of the year. Retail dollar volume growth was the highest growth seen since August 2012.
SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations.