You folks posted alot of good comments yesterday following the discussion on increased Credit Card usage in the mixed retail post. Enough issues were raised that I tracked down some people at Visa to get a breakdown of the specific data regarding card usage over the weekend:
Spending on Friday/Saturday with Visa branded cards was over $7.068 billion dollars; This represents a 15% increase versus 2004.
• $3.84 B was consumer credit;
• $2.82 B was debit/check cards;
• $400M was Visa Commercial/Small Business cards (a form of commercial credit).
That means approximately 54% of the increase in card usage was added consumer debt.
Another interesting data point: E-Commerce was $544 million, a 32% increase from 2004. That number is consistent with the past 5 years of growth online. Note, however, that online purchases are a mere 7.6% of total retail sales.
Also, Travel spending was up 19% to $974 million — reflecting in large part increased energy costs for airlines and autos.
Note that these are actual sales receipts, and not opinion or
expectations of spending. Its is therefore a significant data point.
UPDATE November 29, 2005 10:49am
Here is the Visa data release
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.