How much you spent on your beloved for Valentine's Day this year may have had less to do with what your heart said and more to do with what your pocketbook allowed, according to research from three separate organizations that serve credit unions and other community financial institutions.
Research revealed that Valentine's Day-related purchasing spiked in 2015, presumably due to an improved economy. According to Des Moines, Iowa,-based The Members Group, credit card spending increased 21% for the period of Feb. 12 to Feb. 14.
Both CO-OP Financial Services, based in Rancho Cucamonga, Calif., and Saylent Technologies, located in Franklin, Mass., discovered debit card spending increased 16% for the same period. Both increases compared favorably to total credit and debit spending in 2014.
TMG data on credit spending also showed that while millennials aged 18-29 made 58% more transactions than the next closest age group, they spent 65% less than the group aged 30-39. Early month-on-book cardholders (0-3 months) spent 65% more than he next highest group (4 – 6 months.)
Of the three days measured, the greatest number of transactions occurred Friday, Feb. 13. Candy and jewelry proved to be the most popular items, logging in at $23,572 and $159,779 spent respectively. Candy purchases were up 253% compared to just one week prior, TMG said.
Debit spending also was up, said officials at CO-OP and Saylent, with a rise in debit spending of 16% compared to spending in 2014, a figure that was 19% higher than Valentines Day spending in 2013.
Other CO-OP and Saylent data showed a 33% increase in debit use for restaurant dinners and a 47% increase in the amount spent at those restaurants. Spending at bars showed a 79% increase in transaction as well as a 79% increase in the amount spent at those bars.
Movie theaters also showed a dramatic increase in debit usage, with a 99% increase in transactions and a 100% increase in the amount spent at theaters compared to 2014.
Cosmetics stores also experienced a large jump in debit card usage year-over-year, with an almost 80% increase in transactions and a more than 73% increase in the amount spent. This continues the trend seen over 2014's long Thanksgiving shopping weekend of increased debit card usage at cosmetics store, researchers said.
"It seems that Americans are really putting their hearts into the economic rebound," CO-OP President/CEO Stan Hollen said.
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