ATLANTA, Nov. 18, 2016 /PRNewswire/ -- Equifax Inc. (NYSE: EFX), a global information solutions provider, today announced that its analysis of U.S. consumer credit data from the last four years points to trends demonstrating that Black Friday shopping remains a focus for consumers, yet many also shift their attention to days before and after the traditional shopping holiday.
For the past four years, the Sundays before and after Black Friday have seen a fairly consistent 50% increase in the opening of retail credit card accounts over an average day in November or December. New retail credit card openings peak on Black Friday, when consumers on the average have continued to open nearly 3 times more retail credit card accounts.
Since 2012, on the average, in November and December, furniture stores have been the top issuer of store credit ($851M), followed by department stores ($790M), jewelry ($451M), electronics ($365M) and clothing ($241M).
"Furniture stores tend to have high-value incentives linked to store credit which drive purchases and likely account for their leading position in terms of credit issuance in the retail credit space," said Gunnar Blix, deputy chief economist, Equifax. "Even with compelling incentives across all the shopping categories, since 2012 we have been noticing a modest trend toward consumers showing more restraint in credit card usage."
Consumer credit data is the most accurate way to assess a consumer's financial health and a useful tool in assessing current economic performance. Equifax is working to revolutionize consumer credit information to enhance its offerings in support of consumers and economies around the world. Over the last 10 years, Equifax has focused on utilizing the data it has on hand to support the sustainability of the financial marketplace, as well as the needs of creditworthy consumers
To view an infographic with the full analysis, visit: Black Friday Historical Trends
Source: Equifax Credit Trends, 2012-2016
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its databases include employee data contributed from more than 6,600 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,400 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com.
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SOURCE Equifax Inc.