First Data’s release of SpendTrend Data for March suggests that consumer spending growth did, in fact, slow somewhat from February, but perhaps not as much as might have been feared. Dollar volume growth was 8.1% (down from February’s 8.4%). However, the effects of rising gas prices were apparent, as volume excluding gas stations was up 6.9% in March, compared with 7.7% in February.
Credit volumes remained positive, although recent Fed data suggests credit balances are not sticking as revolving outstandings.
| March Transaction Growth | CHANGE | March Dollar Volume Growth | CHANGE |
| Credit | +3.4% | Credit | +7.8% |
| Signature Debit | +5.4% | Signature Debit | +10.2% |
| PIN Debit | +5.4% | PIN Debit | +6.6% |
| Check | -15.4% | Check | -12.3% |
Note: All transactions are same-store growth.
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