WASHINGTON, Aug. 6, 2019 /PRNewswire/ -- Year-over-year consumer spending growth, via electronic payments like debit cards, credit cards and mobile payments, remained strong at five and a half percent during the first quarter of 2019, according to the new U.S. Spending Snapshot from the Electronic Transactions Association (ETA) and The Strawhecker Group (TSG).
"The first quarter of 2019 continued the trend of strong growth in spending with electronic payments despite political uncertainty, lower consumer confidence and a higher overall personal savings rate," said Jared Drieling, senior director of business intelligence, TSG. "Spending at gas stations significantly slowed in the first quarter, down to just under 4% in year-over-year spending growth compared to 18% in the first quarter of last year due to the lower year-over-year gas prices. Consumers appear to be shifting that spend to boost savings or splurge on discretionary categories like restaurants."
Consumer spending growth spread across the country as each region experienced strong year-over-year growth, especially in the New England region, which saw a 7% increase in dollar volume growth.
"The payments technology industry provides merchants with the ability to accept electronic payments and as an industry we are propelling the growth in new ways for consumers to pay," said Amy Zirkle, interim CEO, ETA. "Through innovation, the payments technology industry enables safe, secure and easier ways for consumers to pay, which helps drive commerce."
The ETA/TSG U.S. Spending Snapshot is a quarterly report that analyzes actual consumer spending at 3.7 million U.S. merchants, highlighting payment trends by both merchant categories and geographic breakdowns. The Snapshot uses the Strawhecker Group's AIM™ (Acquiring Industry Metrics) platform, which spans over 3.7 million U.S. merchants with over $1 trillion of total annualized dollar volume and provides a comprehensive look at same-store sales and consumer spending behavior.
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $21 trillion in purchases worldwide and deploying payments innovation to merchants and consumers.
About The Strawhecker Group™
The Strawhecker Group™ (TSG) is a fast-growing analytics and consulting firm focused on the electronic payments industry. The company serves the entire payments ecosystem, from fintech startups to Fortune 500 companies. The firm provides its clients with advisory services, research and analytics to help them plan and execute their strategic initiatives. Based in Omaha, a recognized payments industry hub, TSG is an established leader in this high-growth, ever-evolving space. For more information, please visit www.TheStrawGroup.com.
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