Debit spending increased 12% on the shopping days following Thanksgiving, according to payments processor The Members Group (TMG).
The processor tracked spending for Black Friday and Cyber Monday, the shopping days that follow Thanksgiving. The average transaction amount for debit card holders was $134, compared to $131 in 2012 and $122 in 2011. The average transaction for credit cards was also up, though not as dramatically2013's average transaction was $223, compared to $222 in 2012 and $208 in 2011.
"Even as more payment tools emerge, consumers continue to love their credit and debit cards. The numbers seem to indicate a trend in consumer comfort using their debit cards for larger transactions," says Georgann Smith, TMG's vice president of marketing, in a Dec. 26 press release. "Financial institutions bracing for the impact of debit interchange regulation may be able to leverage this preference for larger production from their debit portfolios."
Other processors, such as First Data, reported an increase in mobile shopping, a trend experts attributed to lower costs for smartphones and technology improvements that enable the phones to browse the Web at faster speeds.