Velera: GOP Giving Rose for CU Members in September
Monthly report shows members gave more to Republicans last month, but two-thirds went to Democrats.
The Velera Payments Index released Monday showed a significant uptick in average credit card and debit donations from August to September, but Democrats still received far more.
The average September donation to Republicans was $30.47 by credit card, up 7.4% from August, and $21.61 by debit (+9.3%).
For Democrats, the average September donation was $41.77 by credit (-1.4%) and $25.58 by debit (-0.3%).
Velera began reporting these numbers in June. The major routes for donations were ActBlue for Democrats and WinRed for Republicans. Those either non-partisan or not easily identified by party are categorized as “mixed.”
By credit card, 71% went to Democrats, compared with 22% to Republicans and 7% mixed.
By debit, 67% went to Democrats, 25% to Republicans and 8% were mixed.
Republican shares were up from August lows of 20% by credit and 22% by debit, but still below their high-water marks in June of 28% by credit and 38% by debit in June.
Democrats were down from August highs of 73% of donations by credit card and 71% by debit, but were still well above their June shares of 61% by credit and 49% by debit.
“With less than a few weeks remaining until the presidential election on Nov. 5, the race remains within the margin of error in most every battleground state,” the report said. “Similar to the 2020 election cycle, the volume of transactions and purchases continue to increase until the week of the election.”
The monthly report from the St. Petersburg, Fla., CUSO showed 12-month changes in overall spending was at its lowest level so far this year with lower inflation and falling gasoline prices playing major roles.
After improving in August, the credit card delinquency rate rose 15 basis points in September to 2.62%, its highest level since January’s 2.67% delinquency rate and 39 basis points higher than in September 2023.
“Multiple survey measures reported declines in consumer confidence, increases in delinquencies and overall consumer stress, which may potentially constrain spending during the upcoming 2024 holiday period,” the report said.
Credit purchases in September were down 1.6% from a year earlier, with half of the reduction coming from gasoline. The number of transactions rose 0.6%.
Debit purchases were up 1.3%, while transactions rose 1.5%.
Two-thirds of the growth in purchases came from members covering payments using Cash App, Venmo, Zelle and other money services.
For September, growth in money services debit purchases were 9.6% higher than a year earlier, and money services represented 12.2% of September debit purchases, up from 11.2% a year earlier.
The report cited a recent Datos Insights survey that found more than half of consumers under age 57 have adopted digital wallets and engage in person-to-person payment transactions.
Velera payments continued to bracket national retail spending.
The Census Bureau reported Oct. 17 that retail spending, excluding automobiles and parts, rose 0.8% in September from a year earlier, which was below the 12-month inflation rate of 2.4% in October.
- Grocery store spending rose 0.9% in September from a year earlier, Census reported. At Velera, grocery spending was flat by credit and debit.
- Gasoline spending fell 11.4% in September from a year earlier, Census reported. At Velera, spending fell 15% by credit and fell 11% by debit.
- Spending at restaurants and bars rose 1.4% in September from a year earlier, Census reported. At Velera, spending was unchanged by credit and rose 3% by debit.