Consumer spending online during the five-day period that started with Black Friday following Thanksgiving grew by double digits compared with the same period in 2009, merchant processor Chase Paymentech Solutions LLC announced Dec. 1.
Paymentech monitors daily settlement activity for 50 of the largest 250 Internet retailers. The company tracks average ticket amounts and sales and transaction volumes.
For the five-day period, the Paymentech Pulse Index saw a 36.5% increase in transaction volume, to 24.3 million from 17.8 million, and a 30% increase in sales, to $1.3 billion from $1 billion.
Cyber Monday experienced the biggest sales-volume increase during the five-day period, rising 73.4% to $361.9 million from $208.7 million. Transaction volume totaled 4.8 million, up 60% from 3 million in 2009
Cyber Monday has come into its own as one in which many online retailers offer major promotions, says Aaron Press, Paymentech director of market analysis. “Consumers are getting their Black Friday deals
Monday” without having to battle crowds at retail locations, he notes.
The data show only a small piece of Paymentech’s clients and the market in general, Press adds.
While Black Friday weekend sales showed increases in overall transaction activity, purchases made using credit and signature-debit cards at “Main Street” small businesses declined 1%, New York-based financial-technology company Capital Access Network Inc. reported Dec. 3. Capital defines Black Friday as the Friday through Sunday after Thanksgiving.
“On the one hand, we have better reported sales figures, which correlate with the performance of our subsidiaries’ portfolios, as well as the Commerce Department’s recently reported declines in personal savings rates,” Glenn Goldman, CEO of Capital Access, said in a statement. “On the other hand, we have reduced credit card spend figures, which track with the Federal Reserve reported declines in revolving consumer credit available.”
Consumers appear willing to spend more this holiday season but are doing so with cash and PIN-debit cards, Goldman adds.