Bank report measures spending recovery - Hawaii News Now - KGMB and KHNL

Bank report measures spending recovery

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - Hawaii retail sales rose more than 6.4% in 2010, First Hawaiian Bank said Monday after adding up all the credit and debit card sales it processed during the year.

The year-to-year increase, to $3.8 billion customer credit and debit cards sales volume was the first in three years. First Hawaiian is the state's biggest bank and its largest bank provider of merchant card terminals and card processing of credit and debit transactions.

Fourth quarter same-store sales were up more than 9.2% from the same quarter a year earlier.

"We monitor card spending across industry sectors and we're pleased to see a positive growth trend," said Keith Nagata, senior vice president manager of business services.

First Hawaiian broke down sales by economic sectors, and calculated year-to-year sales uptrends of almost 14% in travel activities, almost 15% in utilities and communications, almost 17% in convenience stores, and more than 17% in hotels.

"The overall increase was clearly provided by the growth in our statewide tourism industry," Nagata said.

Up less than 1% in 2010 were sales in automotive and supermarket sectors.

Copyright 2011 by HawaiiNewsNow. All rights reserved.

Powered by Frankly