Visa's Retail Spend Monitor shows 4.8% increase in holiday retail spending, good news for market

From Nasdaq

December 24, 2024 11:41 AM:

Visa Inc. unveiled its Retail Spend Monitor, showing a 4.8% increase in U.S. holiday retail spending across all payment methods. In-store shopping rose by 4.1%, while online shopping increased by 7.1%. Visa also reported blocking double the suspected fraud during key shopping events in 2024 compared to 2023.

Specific sectors like electronics, clothing, and building materials saw notable growth. Globally, Brazil led with a 12.2% growth rate, followed by South Africa and Australia. The UK also saw a modest rise. Visa Consulting and Analytics business showed strength with a significant increase in consulting engagements and value-added services revenues.

Visa’s stock has gained 17.7% in the past three months. The company currently carries a Zacks Rank #3 (Hold). Other top picks in the Business Services space include Parsons Corporation, Coinbase Global, Inc., and RB Global, Inc., with Parsons and Coinbase Global sporting a Zacks Rank #1 (Strong Buy) and RB Global carrying a Zacks Rank #2 (Buy).

The bottom line of Parsons, Coinbase Global, and RB Global outperformed estimates in recent quarters, with estimates for future earnings and revenues showing positive growth trends. Visa’s Retail Spend Monitor report underscores a strong holiday spending growth trend, positioning the company well for continued success in the market.

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