CU Members' Holiday Shopping Up by Double-Digits This Year, Data Shows

Credit union members did some serious shopping — much of it online — with their credit and debit cards during the weekend after Thanksgiving, according to new data from CO-OP Financial Services.

The Rancho Cucamonga, Calif.-based company’s analysis of card transaction data between Thanksgiving Day and Cyber Monday found that credit union members spent about 11% more this year on their credit cards and nearly 17% more on their debit cards than they did last year. Members’ credit card spending averaged $323 over the five-day period in 2019, and their debit card spending averaged $264.

Black Friday was the biggest shopping day for both debit and credit cards; Small Business Saturday was the runner-up, it said.

Almost a third of members’ credit card purchases from Thanksgiving Day through Cyber Monday were made online, according to CO-OP.

“This year, 27.9% of credit card transactions processed by CO-OP came from electronic environments, compared to 27.5% in 2018. Debit transactions that came from electronic environments decreased, but only slightly, from 16.6% in 2018 to 15.7% this year. By day, the percentage of transactions processed in electronic environments was much larger on Cyber Monday,” it reported.

CO-OP’s data also suggested that credit union cardholders spent more when they shopped online this year.

In 2019, online credit card transactions averaged $101.19, compared to $83.46 for in-person credit card purchases. Similarly, members’ online debit card transactions averaged $64.79, but in-person transactions averaged just $43.37.

Members seemed to have changed some of their purchase preferences this year, however.

In particular, clothing store transactions fell nearly 5%, and appliance transactions were down 22.06% among credit cardholders. Car rental transactions dropped by more than 20%, and travel fell by almost 16%.

However, transactions involving interior furnishings rose about 10%, and recreation transactions for things such as movie theaters or bowling alleys were up by about 17%.

“Running frequent analytics on CO-OP’s transaction data gives our team rich insights that allow us to advise credit unions on highly effective and member-centric payment strategies,” CO-OP President and CEO Todd Clark said. “Because credit unions are driven by what’s best for their members, this level of intelligence is incredibly valuable.”

According to data published on Dec. 2 from Adobe Analytics, this year’s Cyber Monday generated a record $9.2 billion in sales and was the first day in history on which consumers spent more than $3 billion via their smartphones.

“Every day from Nov. 1 has surpassed $1 billion, with 12 days surpassing $2 billion,” it added. “Thanksgiving drove $4.2 billion at 14.5% growth YoY, while Black Friday hit $7.4 billion at 19.6% growth YoY. Small Business Saturday (Nov. 30) and Super Sunday (Dec. 1) generated $7.4 billion at 15.4% growth YoY, as shoppers took advantage of early Cyber Monday deals.”