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News Now

CU System
Cupid's bow busy with Valentine's Day card use
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%.


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