First Data: Consumers held back on spending until end of Nov. | Business
SANDY SPRINGS, Ga. -- Consumers knew better deals were coming on Black Friday and held back on spending until the end of November, according to First Data's latest SpendTrend report.
The privately held Sandy Springs-based electronic payments company reported year-over-year dollar volume growth was up 7.3 percent in November, down from October's 9.4 percent jump.
Dollar volume growth was 8.1 percent, while transaction growth was 6.1 percent in November.
"Despite a good Thanksgiving [and] Black Friday, year-over-year spending growth was only moderate for the full month of November," said Silvio Tavares, senior vice president and division manager of First Data Information and Analytic Solutions. "Consumers restrained their spending until Black Friday promotions began and appear focused on value this holiday season."