RANCHO CUCAMONGA, Calif. (2/19/14)--Cupid must have been helping credit union members choose chocolate and "Cake Boss" during Valentine's Day shopping. Analysis of debit and credit transactions by card-holding credit union members showed a 19% increase across 16 types of merchants compared with last year.
According to CO-OP Financial Services Total Revelation's report, this year members spent more money on restaurants; cable, satellite and other pay television services; and groceries than they did in 2013.
Stan Hollen, CO-OP Financial Services President/CEO, said, "Valentine's Day this year happened to fall on the Friday before the three-day President's Day weekend, which perhaps fueled additional spending on what is normally a busy day for merchants."
CO-OP Total Revelation's analysis also found:
- Restaurants saw a 20% percent increase in dollars spent compared with 2013;
- Cable, satellite and other pay television services rose by 28%.
- Grocery stores experienced the most sales in 2014 with 3 million separate transactions and $135 million in spend--a 17% increase year over year; and
- Individual number of cash withdrawals increased by 18%.