It Was a Happy Mother’s Day for Restaurants, Bookstores and Craft Shops

Mother’s Day, traditionally the day telephones are the busiest as grateful children remember to call the family matriarch, also turned out to be a memorable day for restaurants, bookstores and craft shops.

Credit union members spent more money taking Mom out to eat and giving her books and crafts this year than in 2013, according to an analysis of debit card transactions by CO-OP Financial Services and Saylent.

“Did you know that Mother’s Day was first celebrated in the United States in 1908, the same year that the country’s first credit union was founded?” says Stan Hollen, president/CEO of CO-OP. “The purchasing activity this weekend by credit union members shows one great American tradition supporting another — and is another encouraging sign for the economy.”  

This analysis of sales is based on more than 11.4 million transactions made from Friday, May 9, through Sunday, May 11. The results cover debit card activity nationwide by members of credit unions that use CO-OP for transaction processing. The year-over-year comparison was performed by Saylent’s Insight360 consulting team through an advanced analytics solution called CO-OP Revelation. 

Among the highlights of the CO-OP Revelation data:

  • As one of the most popular merchant categories, restaurant transactions were up 12 percent from 2013, with a corresponding growth in total dollars spent of 11 percent.
  • The highest overall growth came from artist supply and craft shops, which showed an 83-percent increase in total transactions.
  • Bookstores showed solid growth, with a 17-percent increase in transactions and an 18-percent increase in dollars spent.
  • Among smaller-volume merchants, precious stone, watch and jewelry merchants posted a 31-percent increase in overall spending.
  • Gas stations and fuel purchases grew slightly, with a 6-percent jump in volume and a 7-percent increase in spending.
  • Florists, department stores and discount stores were generally flat from 2013 to 2014.

“CO-OP Revelation provides detailed and timely analysis on card usage to enable credit unions to better understand what motivates their members,” says Tyson Nargassans, president and CEO of Saylent. “Whether those payment analytics are used to develop offers on purchases preferred by Mom or help mitigate fraud related to a major breach, CO-OP Revelation allows participating credit unions to serve their members better every day.”  

The role that member-transaction data analytics can play in business decision-making by credit unions is among the topics at next week’s THINK 14 Conference. The conference, sponsored by CO-OP, is scheduled for May 19-22 at the Sheraton Hotel in New Orleans. A Monday-afternoon session, “THINK Impact: Delivering Top Member Experiences from the Insight Out,” will include representatives from Saylent, the provider of the software that powers CO-OP Revelation.

For more information or to register for the conference ($799 for credit union employees), go to www.co-opthink.org. For more information on CO-OP Revelation, visit www.co-opfs.org.

Questions about this story? Contact Gary M. Stein: 503.350.2216, gstein@nwcua.org.

Posted in Economy.