Spending is up significantly at the Gap's ( GPS) two main properties; the Gap store and Old Navy, according to the Main Street Spending Index. Customers increased monthly spending at the two chains by 28.5% in November from the year before, according to data compiled by Geezeo, a personal finance Web site that helps consumers track their spending.
Geezeo users spent an average of $111.42 at Gap stores in November compared with $86.74 a year earlier. The numbers are even better at Old Navy. The average customer spent $101.23 in November, up 68.1% from the $60.22 spent in November 2007. The spike from October is even more impressive. Gap's monthly customer spending increased 14% in November from the prior month, while Old Navy saw a 50% month-on-month increase. Great start to the holiday season for Gap. Geezeo's Main Street Spending Index tracks more than 4 million consumer transactions from 800 companies doing business in the United States and Canada. Market segments include retail, dining out, entertainment, household and utilities. Data is anonymously collected weekly and based on up-to-date bank information. For more information about Geezeo or to track your own expenses and find ways to save, visit www.geezeo.com. More than half of people using Geezeo's free budget tools are saving an estimated $1,200 annually.