U.S. Consumers spent 7.1 percent more this June compared to last June, First Data Corp. said Wednesday in its monthly SpendTrend report. The report tracks same-store spending across several forms of payment at the payment processing firm's U.S. merchant locations.
Spending volume growth at retail stores in particular was up 5.5 percent, with warm weather buoying shopping for Father's Day gifts and Fourth of July items. Spending at stores carrying building materials and garden equipment was up 13.4 percent amid growth in the housing market, First Data said.
“The combination of increased hiring, a snapback in housing markets and rising equity prices are underpinning Americans’ confidence and encouraging them to spend,” said Krish Mantripragada, First Data senior vice president for Information and Analytics Solutions.