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SpendTrend® Special Report
Update | Coronavirus Impact on Consumer Spending
SpendTrend® Special Report
All data is Fiserv proprietary data and includes only actual card-based forms of payment. SpendTrend is a macroeconomic indicator that reports aggregated year-over-year same store sales activity for card-based payments. SpendTrend from Fiserv does not represent Fiserv financial performance. © 2020 Fiserv. All rights reserved.
June 25, 2020
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SpendTrend® Special Report
Executive Summary
The notable rebound witnessed in May continued into June
as the loosening up of lockdown measures has driven an
increase in consumer activity and a solid recovery in
spending across multiple sectors.
Our proprietary SpendTrend analysis shows that the YoY decline in
consumer spending improved from -21.5% in May, to -14.5% through
the first 16 days of June, as the rebound that began in the second half
of April continues apace. Looking across sectors, several are
demonstrating consistently upward-sloping rebounds, such as Dining,
Gas Stations, Clothing, Furniture and Luxury. Sectors that saw
particularly sharp rebounds across April / May, such as Building
Materials and Electronics, have held onto those gains into June.
Notably, the Building Materials sector is trending well above pre-
pandemic levels. Even sectors that have seen the sharpest and most
sustained weakness, such as Entertainment and Travel, appear to
have finally bounced off their troughs, though velocity still remains at
relatively low levels.
Taken together, consumer spending wallet share continues to shift back
more towards discretionary categories, from non-discretionary, and is
nearing pre-pandemic proportions.
Within payment types, recent trends in behavioral changes may be
leveling off. While the share of cash usage at the point of sale has
declined almost 770 basis points since January, this reading is up from
the recent low for cash utilization. Relatedly, while the use of mobile
wallets for in-app and e-commerce purchases almost doubled from
March to May, that usage has eased slightly in recent weeks as physical
stores are in the reopening phase.
Now begins the debate between loosening up of the economy, and its
subsequent rebound, versus increasing infection rates seen across a
growing number of states. While it is too early to call the impact of
increasing infection rates on the economic recovery, we also recognize
that improving consumer confidence could be impacted by the broader
coronavirus narrative.
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SpendTrend® Special Report
3
U.S. Commerce Trends Through June 16
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SpendTrend® Special Report
2.1%0.2%
4.3% 2.8%1.7% 1.3% 2.1% 2.6% 1.9% 2.5% 2.4%
3.5% 3.5%1.8%
-17.4%
-34.4%
-21.5%
-14.5%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2019 2020
1
Monthly SpendTrend Trajectory
While still in negative territory, the trajectory of spending continues to improve as we move into June
YoY Sales Growth
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis. 1. June 1-16.
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FORTUNE World's Most Admired Companies®
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
5
$38
$40
$42
$44
$46
$48
$50
$52
$54
$56
$58
$60
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
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YoY Transaction Growth
(7-day moving average)
Average Ticket
(7-day moving average)
Food, Beverageand Grocery
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$49
-2%
Average ticket
(right axis)
Transaction growth
(left axis)
Grocery transactions have
settled into a steady state in
recent weeks and remain
down slightly year-over-year
as consumers shop less
frequently. Ticket sizes have
moderated from their March
highs, but remain above pre-
crisis levels as basket size has
increased.
Stimulus payments may have
shifted dining spend from
grocery to more dining out /
pick-up (see next slide)
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
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YoY Transaction Growth (7-day moving average)
Ex-QSR begins February 1.
Dining Out and Restaurants
The Dining sector has seen a
consistently steady rebound
in recent weeks, benefitting
from reopening measures
across many states. At the
same time, warmer weather
has enabled more venues to
establish an outside dining
presence.-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
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Ex-QSR
-12%
-32%
Stimulus payments
may have shifted
dining spend from
grocery to more
dining out / pick-up
(see prior slide)
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FORTUNE World's Most Admired Companies®
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SpendTrend® Special Report
Source: Fiserv. SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis. 1. February 1-14. 2. February 15-28. 3. March 1-15. 4. March 16-31. 5. April 1-14. 6. April 15-30. 7. May 1-12. 8. May 13-31.
Dining Out and Restaurants Category Breakdown
YoY Sales Growth
Weakest No Growth Strongest
SpendTrend® Special Report
All Dining subcategories have
seen improvement across
May into June. While QSR
has been the brightest spot
throughout the crisis, Family
Dining has seen the best
relative improvement versus
April.
Chart needs to
be updated
1H
Feb1
2H
Feb2
1H
Mar3
2H
Mar4
1H
Apr5
2H
Apr6
1H
May7
2H
May8
June
1-16
Casual Dining 0% 5% -12% -77% -77% -72% -67% -59% -50%
Family Dining 2% 4% -10% -72% -75% -69% -62% -53% -45%
Fast Casual 3% 4% -3% -43% -42% -26% -25% -20% -16%
QSR 9% 8% 6% -21% -20% 0% 6% 8% 9%
Upscale Dining 1% 7% 1% -88% -89% -89% -86% -80% -71%
Total
Restaurants3% 5% -5% -49% -40% -34% -29% -22% -16%
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
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Building Materials and Garden Supply YoY Transaction Growth (7-day moving average)
The sector has held on to the
gains seen throughout April
and remains well above pre-
crisis levels, thanks to
continued stay-at-home
dynamics supercharging
seasonal gardening and
home improvement activity.
-8%
-4%
0%
4%
8%
12%
16%
20%
24%
28%
32%
36%
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28%
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FORTUNE World's Most Admired Companies®
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
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Electronics and Appliances YoY Transaction Growth (7-day moving average)
Similar to Building Materials
and Garden Supply, Electronics
have held on to the sharp gains
seen in April as the effects of
stimulus linger, coupled with
continued demand for home
entertainment and work-from-
home technology.
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
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2%
Potential lift from
stimulus payments
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SpendTrend® Special Report
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Gas Stations
Consumer mobility continues
to rebound as the economy
begins to open up and
consumers get “out and
about,” primarily via autos,
which is likely triggering a
corresponding increase in
gas demand.
Source: SpendTrend, Apple Mobility Trends Reports. Note: SpendTrend data represents Brick & Mortar and E-commerce, on a same-store-sales basis. Apple Mobility Trends represents the driving index and is derived from anonymized Apple Maps data requests, and are based on the change in number of routing requests made over time.
YoY Transaction Growth
(7-day moving average)
Apple Mobility Trends
(7-day moving average)
50
60
70
80
90
100
110
120
130
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
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Apple Mobility
Trend (right axis)
Transaction growth
(left axis)
-9%
128
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FORTUNE World's Most Admired Companies®
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
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Clothing
YoY Transaction Growth (7-day moving average)
-15%
Clothing remains on a steep
positive rebound, possibly
due to consumer’s
“freshening” up their
wardrobes as they get out
and socialize more and
physical clothing stores are
finally able to reopen in
many parts of the country. -80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
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FORTUNE World's Most Admired Companies®
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
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Furniture
YoY Transaction Growth (7-day moving average)
Furniture continues to follow a
similar rebound trend as
Clothing. The desire for
refreshing one’s living space
remains elevated – the reality
is that people expect to spend
more time at home – which
may be contributing to the
category performing above
pre-pandemic levels.-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
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7%
Potential lift from
stimulus payments
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SpendTrend® Special Report
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Luxury Goods
The Luxury category is
likely benefitting somewhat
by the stock market’s
rebound along with the
overall loosening up of the
economy as consumers
spend some of their
“shelter-in-place” savings.
S&P 500
(7-day moving average)
YoY Transaction Growth
(7-day moving average)
Source: SpendTrend, Refinitiv. Note: SpendTrend data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
2,300
2,500
2,700
2,900
3,100
3,300
3,500
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
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-31%
S&P 500
(right axis)
Transaction growth
(left axis)
3,123
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
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Entertainment and Leisure YoY Transaction Growth (7-day moving average)
The sector is starting to see
early progress as some
states are allowing larger
gatherings. Overall category
activity is improving as
venues adapt to the reality
of safety concerns and
deploy new approaches,
such as drive-in movies.-90%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
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-58%
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SpendTrend® Special Report
Source: SpendTrend. Note: Data represents Brick & Mortar and E-commerce, on a same-store-sales basis.
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Travel
YoY Transaction Growth (7-day moving average)
The sector is starting to
improve as people begin to
plan vacations and travel
after several months of
isolation. Airlines are
beginning to see increases
in passenger traffic, while
hotels are also seeing the
early stages of improving
occupancy. -100%
-90%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
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-68%
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SpendTrend® Special Report
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Additional Analysis
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SpendTrend® Special Report
Source: Fiserv. 1. Measured as U.S. cash transactions as a percent of total at Clover merchants.
Cash Usage at the Point of Sale
Will covid-19 end the use of paper money?
The Washington Post
Will Covid-19 Kill Cash As We Know It?
Forbes
World Health Organization: ‘We did NOT
say that cash was transmitting coronavirus’
MarketWatch
Cash Usage Decrease1 (14-day moving average)
SpendTrend® Special Report
14
-Jan
21
-Jan
28
-Jan
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18
-Fe
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25
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10
-Mar
17
-Mar
24
-Mar
31
-Mar
7-A
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14
-Apr
21
-Apr
28
-Apr
5-M
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12
-May
19
-May
26
-May
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16
-Jun
769 bps ↓decrease in cash usage
since the start of 2020…
but it appears to have
reached a bottom
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SpendTrend® Special Report
Mobile Wallet In-App / E-Commerce Activity
Mobile Wallet (In-App / E-Commerce) Share of Transactions1
(7-day moving average)
SpendTrend® Special Report
Mobile Wallet In-App /
E-Commerce activity
increased as brick and mortar
stores closed and consumers
shifted to delivery and pick-
up, though its recent upward
move may have plateaued as
restrictions ease.
Source: Fiserv. 1. Measured as Mobile E-commerce transactions as a percent of overall transactions. Mobile E-commerce transactions include transactions performed through mobile wallets such as Masterpass, Visa Checkout, Walmart Pay®, Apple Pay®, Samsung Pay® and Google Pay®, but excludes face-to-face contactless near field communications (NFC) transactions conducted via methods such as Apple Pay®, Samsung Pay® or Google Pay®.
7-J
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14
-Jan
21
-Jan
28
-Jan
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11
-Fe
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18
-Fe
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25
-Fe
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10
-Mar
17
-Mar
24
-Mar
31
-Mar
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14
-Apr
21
-Apr
28
-Apr
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-May
19
-May
26
-May
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16
-Jun
~1.6x ↑increase in penetration of mobile
wallet in-app / e-commerce
transactions since mid-March
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SpendTrend® Special Report
ATM Transaction Trends
ATM withdrawals immediately
declined as lockdowns took hold
due to less need for cash, but
have steadily improved since the
April trough. Average withdrawal
amounts have also steadily
increased, possibly due to
stimulus payments and some
banks increasing withdrawal
limits.
Source: Fiserv. Note: ATM withdrawal transactions includes STAR® and Accel® network transactions. 1. February 1-14. 2. February 15-28. 3. March 1-15. 4. March 16-31. 5. April 1-15. 6. April 16-30. 7. May 1-15. 8. May 16-31.
YoY Growth – Number of Transactions
SpendTrend® Special Report
-6%
-2%
-7%
-49%-50%
-44%-41%
-36%
-28%
$126.44 $127.57
$128.20
$125.88
$128.91 $128.75
$130.51 $129.28
$136.51
1HFebruary
2HFebruary
1HMarch
2HMarch
1HApril
2HApril
1HMay
2HMay
June1-16
Average Withdrawal Amount
1 2 3 4 5 6 7 8
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SpendTrend® Special Report
Spending by Type
While Nondiscretionary spend
(as a percent of total) peaked
in the second half of March as
consumers focused on the
essentials, Discretionary spend
has come back as stores open
up. Meanwhile, Services
remain depressed as some
tend to be driven more by
“high-contact” activity.
Sales Mix by Spending Type
SpendTrend® Special Report
Source: Fiserv. 1. January 1-15. 2. January 16-31. 3. February 1-14. 4. February 15-28. 5. March 1-15. 6. March 16-31. 7. April 1-15. 8. April 16-30. 9. May 1-15. 10. May 16-31.
Discretionary Nondiscretionary Services
1H January 2H January 1H February 2H February 1H March 2H March
1H April 2H April 1H May 2H May June 1-16
1 2 3 4 5
7 8 9
6
10
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SpendTrend® Special Report
P2P Trends
P2P payment growth steadily
decelerated in March, more for Gen Z
than other generations; however,
once stimulus payments arrived, P2P
transfers by Gen Z saw the largest
spike.
Source: Fiserv.
SpendTrend® Special Report
Source: Fiserv.
Dollar Amount Growth by Selected Generations – YoY Growth
Transaction Count Growth by Amount Range – YoY GrowthSimilarly, transaction growth across
all size ranges decelerated in March,
but those between $1,000-$2,000
increased the most in April, coinciding
with stimulus payments of $1,200.1
-Jan
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-Jan
22
-Jan
29
-Jan
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12
-Fe
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19
-Fe
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26
-Fe
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4-M
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11
-Mar
18
-Mar
25
-Mar
1-A
pr
8-A
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15
-Ap
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-Ap
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-Ap
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-May
20
-May
27
-May
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-Ju
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$1,000-$2,000
All Transactions
Stimulus payments arrive
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-Jan
22
-Jan
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-Jan
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-Fe
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-Mar
18
-Mar
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-Mar
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8-A
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-Ap
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-May
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-May
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-May
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GenZ
BoomerStimulus payments arrive
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SpendTrend® Special Report SpendTrend® Special Report
Bank Account Activity
The rate of overdrafts is decreasing as
consumers spend less.
Consumer Accounts Entering Overdraft – YoY Growth
Consumer Accounts with Deposits – YoY Growth
New Small Business Accounts – YoY Growth
As lockdowns occurred, cash and check
deposits stagnated, but as restrictions
eased they have started to increase.
Small business account opening peaked in
mid-April ahead of the Paycheck Protection
Program. Growth looks to be moving back
toward pre-pandemic levels.
Source: Fiserv.
ACH
Cash & Check
4,300 bps
deceleration
6,000 bps
acceleration
10,000 bps
deceleration15,000 bps
acceleration
Week of 23-Mar Week of 1-Jun
Week of 23-Mar Week of 1-Jun
Week of 23-Mar Week of 1-Jun
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SpendTrend® Special Report
Same Store figures include activity (amount of USD sales volumes or transactions) for merchant locations that
are open and have activity in both comparison time periods. They are not reflective of overall Fiserv activity.
Same Store Dollar Volume growth reflects the percent change in the USD amount of same store sales (net of
returns) in the current period compared to the same period in the prior year. Same Store Transaction growth
reflects the percent change in the number of same store transactions (net of returns) in the current period
compared to the same period in the prior year.
Same Store Average Ticket is derived by dividing the total USD amount of Same Store Sales for a specified
period by the total number of Same Store Transactions for that same period.
Same Store Sales Data includes sample data which we believe generally reflects current trends but does not
include all data available to Fiserv and specifically excludes Salem platform, Bank of America proprietary
platform, and Bank of America TSYS platform activity.
All data contains Credit, Debit and EBT transactions.
All charts show year-over-year (YoY) growth rates for same time period in previous year. Growth rates are not
seasonally adjusted.
Cash Usage at the Point of Sale includes transactions conducted at Clover Point of Sale terminals.
Mobile Wallet (in-app/e-commerce) includes transactions performed through mobile wallets such as Masterpass,
Visa Checkout, Walmart Pay, Apple Pay, Samsung Pay and Google Pay, but excludes face-to-face contactless
near field communications (NFC) transactions conducted via methods such as Apple Pay, Samsung Pay or
Google Pay.
P2P is person-to-person cash transfer services initiated with bank accounts at select financial institutions.
How to Read SpendTrend
All growth rates compare current performance to that of the same period prior year. We believe year-over-year
growth better reflects organic spending patterns. 7-day moving averages reflect the mean of the prior seven (7)
days.
We do not adjust for seasonality. We believe that seasonality adjustments are best made by the users of our
reports.
Our analysis is based on normalized POS activity from Fiserv’s proprietary systems. Our data includes only
card-based payments and checks where appropriate. Key differences between SpendTrend and other available
reports:
Government and network association reports are often based on surveys and estimates rather than actual POS
activity.
Government and network association reports often make sequential growth comparisons (i.e. April 2020 vs.
March 2020 instead of April 2020 vs. April 2019).
Government and network association reports make adjustments for assumptions and seasonality.
Terms and Conditions
The following terms and conditions (“Terms of Use”) apply to persons who are authorized to receive or obtain possession (“Rec ipient”) of this SpendTrend® report which was
prepared by First Data Merchant Services LLC (“First Data”), an affiliate of Fiserv, Inc. (referred to collectively as “Fiserv”) and governs Recipient’s use of the SpendTrend report
(including any portions or derivations thereof) and any articles, text, data, information, and other materials and services related thereto or included herein (collectively, “SpendTrend
report”). If Recipient is a subscriber to SpendTrend report, the terms of the subscriber agreement are in addition to and sha ll control to the extent there is any conflict with the terms
herein. Recipient agrees to be bound by, and to use the SpendTrend report in compliance with, the Terms of Use and all applicable laws, regulations, and rules. These Terms of Use
may be amended from time to time by Fiserv without notice and it is the Recipient’s responsibility to review the Terms of Use on www.spendtrend.com for updates, if any. If you have
any questions regarding the Terms of Use or the SpendTrend report, please contact Fiserv SpendTrend at [email protected].
1. Recipient is permitted to review, use, report, summarize, and print copies of the SpendTrend report solely for Recipient’s internal use as set forth in these Terms of Use. Except as
expressly permitted herein, the SpendTrend report or any portions thereof may not be otherwise reviewed, accessed, downloaded, used, reported, summarized, copied, reproduced,
modified, distributed to third parties, or published in any form or media. Recipient may not disclose or make available to third parties, all or any portion of the SpendTrend report
(including summaries thereof). The SpendTrend report is created with data that includes processing data from Fiserv’s credit, debit, EBT and check information warehouse that
Fiserv owns or has a contractual or other right to provide to Recipient through SpendTrend.
2. RECIPIENT SHALL NOT CHANGE, OBSCURE, OR REMOVE ANY COPYRIGHT OR OTHER NOTICE OR LEGEND APPEARING ON THE SPENDTREND REPORT; AND
RECIPIENT SHALL AT ALL TIMES LIST FISERV AS THE SOURCE OF ANY AND ALL INFORMATION, DATA, REPORTS, SUMMARY, QUOTES, AND OTHER SPENDTREND
CONTENT THAT MAY BE DISCLOSED TO THIRD PARTIES IN CONFORMANCE WITH THESE TERMS OF USE.
3. Fiserv does not provide any investment or financial advice and is not advocating the sale or purchase of any stocks, bonds, or securities. If Recipient is able to discern any
information about a particular entity or fund from the information in the SpendTrend report, either alone or with other information in the possession of Recipient. Recipient
understands and acknowledges that the information may be insider information under applicable law or otherwise restricted and Recipient will limit its use thereof in accordance with
applicable laws. Fiserv expressly states, and Recipient hereby acknowledges that this SpendTrend report is provided solely for informational purposes only and is not to be used as
a substitute for independent financial investment advice nor is it intended to be relied upon by any person or entity, including Recipient’s clients/customers, for the purpose of
investment or other financial decisions. This SpendTrend report contains forward-looking statements which involve significant risks and uncertainties, and a number of factors, both
foreseen and unforeseen, could cause actual results to differ materially from current expectations. THE SPENDTREND REPORT IS NOT TO BE CONSTRUED AS PROVIDING
INVESTMENT ADVICE AND SHOULD NOT BE USED OR CONSTRUED, IN WHOLE OR IN PART, AS A BASIS OR RECOMMENDATION FOR AN INVESTMENT DECISION.
4. While Fiserv takes commercially reasonable measures to ensure the accuracy of the information and content contained in the SpendTrend report, Fiserv makes no
representations or warranties of any kind with respect to the SpendTrend report. Further Recipient agrees that all use of the SpendTrend report by Recipient hereunder shall be: (i)
based on Recipient’s own determination and evaluation; and (ii) at Recipient’s sole risk. In addition, Recipient shall not, d irectly or indirectly, challenge, contest, or otherwise
disparage the SpendTrend report or the value or validity of any content/information therein. THE SPENDTREND REPORT IS PROVIDED TO RECIPIENT “AS-IS” AND FISERV
AND ITS AFFILIATES, AGENTS, SUPPLIERS AND LICENSORS EXPRESSLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN RELATION TO THE SPEND TREND
REPORT OR ANY CONTENT OR ITS USE BY RECIPIENT, INCLUDING ANY WARRANTY OF NON-INFRINGEMENT, ACCURACY, MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE. IN NO EVENT SHALL FISERV OR ITS AFFILIATES, AGENTS, SUPPLIERS OR LICENSORS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL
OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS, DATA OR USE, INCURRED BY EITHER PARTY OR ANY THIRD
PARTY. FISERV AND ITS AFFILIATES, AGENTS, SUPPLIERS OR LICENSORS’ MAXIMUM LIABILITY ARISING OUT OF THE RECEIPT AND USE OF THIS SPENDTREND
SHALL BE SOLELY AS SET FORTH IN THE SUBSCRIBER AGREEMENT OR THE FEES PAID TO FISERV FOR THIS SPENDTREND REPORT.
5. Recipient shall indemnify, defend, and hold harmless, Fiserv, its affiliates, and/or related companies and their respective officers, directors, employees, agents, licensors,
expenses, damages and costs, including reasonable attorney’s fees, resulting from or related to Recipient’s use of the SpendTrend report, or any portions thereof, and/or any
violation of this Agreement or the Terms of Use.
6. Recipient agrees that Fiserv, its affiliates and/or related companies own all rights and title in and to the SpendTrend report, including all content. In addition, all trademarks,
service marks, logos, trade dress, and names (“Trademarks”) appearing on the SpendTrend report are the exclusive property of Fiserv, its affiliates or other respective owners.
Recipient is not being granted any rights, permission, or license to use any of the Trademarks. All rights in the SpendTrend report and Trademarks are expressly reserved by Fiserv.
7. Recipient shall not combine the SpendTrend report or any portions thereof with any third party information, data, report, or content: (i) in a manner that states or suggests that
Fiserv or the SpendTrend report is endorsing, sponsoring, or otherwise affiliated with any such third party content, products, or services; or (ii) to create an independent report,
article, index, or other product to be offered outside the Recipient’s use.
8. The SpendTrend report may contain references or information obtained from third parties (“Third Party Information”). Fiserv does not make any representations or warranties
regarding any Third Party Information and Recipient agrees that Fiserv is not responsible for, and does not control the Third Party Information. * If you are not an authorized
Recipient of the SpendTrend report, or do not agree to the Terms of Use, and have received a copy of the SpendTrend report, you are not permitted to retain the SpendTrend report
and must destroy or permanently delete the document/file, and are hereby notified that any use, dissemination, distribution, or copying of the SpendTrend report is strictly prohibited.
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