RANCHO CUCAMONGA, Calif.–With March marking the one-year anniversary since the first COVID-19 lockdowns went into effect, the country appears to be moving towards normalcy—at least in terms of credit and debit spending, according to CO-OP Financial Services.
The company is reporting last month’s transaction volumes climbed back to pre-COVID levels.
While overall payments volume is back up, major spending categories such air travel, restaurants and hotels have still not fully-recovered to pre-COVID levels CO-OP reported.
“Full recovery is going to be slow,” says Beth Phillips, director of strategic portfolio growth. “However, comparing January and February data we’re seeing increases across dining, entertainment, lodging, medical and travel – all positive indicators that members are conducting more select life-style related purchases.”
Added Senior Payments Advisor John Patton, “People are prioritizing getting back together with family and friends through small gatherings. At the same time, people are still making those ‘lifestyle upgrades’ with their cars and living space.”
Month-Over-Month Category-Level Spending (Comparing Feb 2021 to Jan 2021)
According to CO-OP, the data below reflect month-over-month comparisons, rather than year-over-year—for example, data compares February 2021 with January 2021, rather than February 2021 and February 2020.
Amazon/Bookstores
Transaction Volume (#):
- Credit: Down 24%. Debit: Down 20%.
Transaction Amount ($):
- Credit: Down 26%. Debit: Down 23%.
Interchange ($):
- Credit: Down 25%. Debit: Down 22%.
Digital Goods
Transaction Volume (#):
- Credit: Down 4%. Debit: Down 4%.
Transaction Amount ($):
- Credit: Down 7%. Debit: Down 5%.
Interchange ($):
- Credit: Down 8%. Debit: Down 4%.
Dining and Entertainment
Transaction Volume (#):
- Credit: Down 1%. Debit: Down 1%.
Transaction Amount ($):
- Credit: Down 1%. Debit: Up 3%.
Interchange ($):
- Credit: Unchanged 0%. Debit: Up 2%.
Education
Transaction Volume (#):
- Credit: Up 7%. Debit: Up 10%.
Transaction Amount ($):
- Credit: Up 7%. Debit: Up 7%.
Interchange ($):
- Credit: Up 4%. Debit: Up 8%.
Gas
Transaction Volume (#):
- Credit: Down 5%. Debit: Down 4%.
Transaction Amount ($):
- Credit: Down 1%. Debit: Unchanged 0%.
Interchange ($):
- Credit: Down 2%. Debit: Down 2%.
Grocery
Transaction Volume (#):
- Credit: Down 8%. Debit: Down 8%.
Transaction Amount ($):
- Credit: Down 12%. Debit: Down 11%.
Interchange ($):
- Credit: Down 11%. Debit: Down 9%.
Lodging
Transaction Volume (#):
- Credit: Up 8%. Debit: Up 12%.
Transaction Amount ($):
- Credit: Up 10%. Debit: Up 15%.
Interchange ($):
- Credit: Up 10%. Debit: Up 16%.
Medical
Transaction Volume (#):
- Credit: Down 2%. Debit: Unchanged 0%.
Transaction Amount ($):
- Credit: Down 1%. Debit: Up 2%.
Interchange ($):
- Credit: Down 1%. Debit: Up 2%.
Retail
Transaction Volume (#):
- Credit: Down 13%. Debit: Down 19%.
Transaction Amount ($):
- Credit: Down 16%. Debit: Down 21%.
Interchange ($):
- Credit: Down 15%. Debit: Down 20%.
Travel
- Transaction Volume (#):
Credit: Up 2%. Debit: Up 1%.
Transaction Amount ($):
- Credit: Up 4%. Debit: Up 9%.
Interchange ($):
- Credit: Up 4%. Debit: Up 9%.
Campers & Camping
Transaction Volume (#):
- Credit: Unchanged 0%. Debit: Up 1%.
Transaction Amount ($):
- Credit: Up 10%. Debit: Up 12%.
Interchange ($):
- Credit: Up 11%. Debit: Up 11%