January 4, 2006, 12:00 AM

Online spending accounted for 10% of all Visa card holiday spending

E-commerce purchases on Visa cards during the 2005 holiday season reached $26.5 billion, equal to 10% of all spending on Visa cards during the last two months of the year, Visa reports.

 

E-commerce purchases on Visa cards during the 2005 holiday season reached $26.5 billion, equal to 10% of all spending on Visa cards during the last two months of the year, Visa reports. E-commerce sales volume peaked on Dec. 1 at $624 million, a 47% increase compared to the same day in 2004. The overall peak day for Visa usage came three weeks later, on Dec. 23.

From Oct. 31 to Jan. 1, overall sales volume on Visa branded cards totaled $257 billion, a 17.5% increase over the previous season. “As predicted from our early November data, the retail segment broadly saw a healthy holiday shopping season that met and slightly exceeded expectations,” says Wayne Best, Visa’s in-house economist. “Falling gas prices, more Americans returning to work, and an overall increase in consumer confidence provided consumers with access to more discretionary income and willingness to spend, bolstering such categories as Travel and Entertainment.”

During the last week of the year, e-commerce spending grew 26% over the year before, reaching $2.5 billion, again 10% of all Visa spending of $24.6 billion. Total spending was up 16.1% over the year before.

 

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