The pace of overall spending growth in April ticked down to +3%, slightly slower than the +3.3% growth recorded in March, according to the latest SpendTrend from Fiserv report. This was the fourth straight month of slowed spending and corresponds with similar slowdowns in transaction growth.
- Restaurant spending growth slowed to +5.1%, marking the fourth straight month of slowed growth. Food and beverage stores (-0.9%) also experienced some of the largest downshifts, largely due to declines in average ticket size.
- Retail spending growth in April (-3.7%) picked up from its March pace (-4.1%), driven by seasonal demand in building materials (+0.2%), general merchandise stores (+1.0%) and health and personal care stores (+2.8%).
- Clothing and accessories (-6.0%), sporting goods (-7.8%) and furniture (-13.3%) led declines in retail spending.