CO-OP, Saylent Find Black Friday Sales Soared 8.1 Percent Among Credit Union Members
Contact: Bill Prichard
Public Relations Manager
CO-OP Financial Services
800.782.9042, ext. 3450
Contact: Catherine Marenghi
Vice President, Strategy and Communications
RANCHO CUCAMONGA, Calif., and FRANKLIN, Mass. (December 13, 2011) – Shoppers who belong to credit unions spent 8.1% more and made 10.1% more transactions during Black Friday in 2011 than in 2010, according to an analysis by CO-OP Financial Services and Saylent Technologies, a provider of payment intelligence solutions.
“These remarkable sales growth figures from the credit union community surpass nationally reported averages for Black Friday sales growth overall,” said Stan Hollen, President/CEO, CO-OP Financial Services. “Some of the top credit unions in CO-OP Network experienced even stronger Black Friday sales growth of 30% and more.”
The unique analysis of Black Friday sales is not an estimate, but is based on more than 2.6 million actual transactions made between Thanksgiving midnight and midnight the following day. Drawn from debit card transactions across 562 credit unions processed by CO-OP Financial Services, the year-over-year comparison was performed through an advanced analytics solution, CO-OP Total Revelation, powered by Saylent Technologies, and was conducted by Saylent’s Insight360 consulting team.
The group’s total Black Friday spend represented both brick-and-mortar establishments and Internet transactions. Some of the key findings:
- Appetizing restaurant sales: The survey served up good news for eateries. Credit union members rang up 13% more at restaurants and 14% more at fast food establishments on Black Friday 2011 compared with 2010.
- A season of giving: Charitable and social service organizations and fundraising chalked up generous 48% gains year over year.
- Dressing up: Men’s and women’s clothing stores tucked in 21% sales growth, while miscellaneous apparel and accessories were up 18%.
- Wired for giving: Consumer electronics, a popular gift category, captured 15% sales growth.
- Educated shoppers: Books, periodicals and newspapers were making headlines with 95% gains.
- Home for the holidays: Spending on used vehicles (up 70%), recreational campers, trailers and supplies (up 161%), and auto parts (up 16.5%) suggested a surge of automotive travel. Gas pumps saw 26% gains, highway tolls rose 42%, and holiday travelers arrived in clean vehicles, with car washes up 64%.
- Luxury losing its luster: High-end commodities like precious stones and metals dropped 26% in year-over-year sales.
“Credit union members are savvy consumers, and this analysis shows they are enthusiastically using debit cards to make responsible holiday purchases, using money in their accounts rather than taking on credit card debt,” said Tyson Nargassans, President and CEO of Saylent Technologies. “We are pleased to support CO-OP with solutions and services that help both CO-OP and its participating credit unions gain greater insights on their members.”
For more information on CO-OP Total Revelation, visit www.co-opfs.org.
About Saylent Technologies, Inc.
Saylent Technologies, based in Franklin, Mass., develops payment intelligence solutions that help organizations understand and capitalize on payment behaviors. Employing innovative analytics and segmentation techniques, Saylent’s Card360 solution identifies card usage patterns by cardholder, targets underperforming or at-risk segments, and enables corresponding marketing programs and metrics. Saylent’s Account360 solution provides a holistic perspective on customers across all payment types, enabling financial institutions to understand and shift customer behaviors and increase share-of-wallet. Saylent’s Insight360 consulting services help clients speed time to value with expert analysis and customized marketing services. For more information, please visit www.saylent.com or call (508) 570-2161.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif. and founded in 1981, CO-OP Financial Services is the industry leader in access and convenience products for credit unions. CO-OP Financial Services connects credit union members to their accounts through network, payment processing, e-commerce, shared branching and call center services. With more than 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,400 shared branch locations and more than two billion annual transactions, CO-OP Financial Services offers the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.