26% year-over-year from March 18-31 after growing 10% YoY in January, 13% YoY in February, and 14% YoY from March 1-17.Synchrony's Q1 results help illustrate the struggles merchants and other payments companies are facing.
The firms' sales for travel, restaurants, entertainment, and gas all took a hit due to the pandemic, suggesting that these merchants are largely struggling. From January 29 to March 31, Synchrony's travel sales dropped 34% YoY, restaurant sales fell 9% YoY, entertainment sales dipped 8% YoY, and gas sales slid 3% YoY.
Card networks and other payments companies are likely facing similar drops in purchase volume. Synchrony's purchase volume growth took a dive at the end of March, and other firms have likely seen similar results considering US retail sales growth in March. The size of other payments companies' volume growth drops may vary, but it's likely impossible to avoid posting a lackluster performance in Q1 2020.
This means firms may face a prolonged period of shrinking purchase volume growth, so they should look for ways to boost purchase volume, like Want to read more stories like this one? Here's how to get access: Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. >>, Business Insider Intelligence's expert email newsletter keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >>
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