Debit and Credit Card Spending Rose 2.3% in December
Compared to year-ago levels, debit and credit card spending grew by 2.3% in December 2015, according to JPMorgan Chase Institute’s Local Consumer Commerce Index (LCCI).
The LCCI examined over 14 billion anonymized debit and credit card transactions from over 50 million Chase customers in 15 cities: Atlanta, Chicago, Columbus, Dallas, Denver, Detroit, Houston, Miami, Los Angeles, New York, Phoenix, Portland, San Diego, San Francisco, and Seattle.
While commerce was largely lackluster throughout most of 2015, the study found that year-over-year growth exceeded 2% in three of the last six months of 2015. All 15 cities showed positive growth in December, and small businesses performed particularly well, contributing 1.7 percentage points to the 2.3% total growth.
Young consumers and customers at the bottom income quintile contributed over 40% of the total growth in December.
“To move the economy forward, we need to capture a better understanding of local consumer spending. The Institute has developed a local and timely look at actual consumer activity to better measure the economic health and vibrancy of U.S. consumers, local businesses and the cities where they reside,” said Diana Farrell, President and CEO of the JPMorgan Chase Institute, in a statement.
According to the LCCI, Atlanta grew the fastest of the 15 cities, with 5.1% year-over-year growth, which shows a reversal of the decline the city experienced in 2014. Houston showed the slowest growth (0.3%) after a high growth period in early 2014.
Small businesses grew fastest in the Detroit metro area (9.2%), while large businesses grew fastest in Portland (14%).