Credit union members used their debit and credit cards fewer times in the week that included Thanksgiving than they did in last year's holiday spending week — the first time that measure has fallen since June, according to a PSCU report released Monday.
The St. Petersburg, Fla.-based payments CUSO's Transaction Trends Update said the 48th week that ended Nov. 29, which included Black Friday, suffered in comparison to 2019's holiday week when more stores were open on Thanksgiving and consumers were more willing to shop in stores. Consumers even spent less on groceries.
Glynn Frechette, SVP for Advisors Plus at PSCU, said some spending is likely to have shifted to online, or card-not-present, transactions on Cyber Monday, which will be included in next week's PSCU report.
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