PSCU Payments Index December 2022: Deep Dive on Holiday Spending Part II
Summary: With the holiday shopping season now nearly complete, mixed economic signals – a strong job market combined with continued high inflation and the expectation of a recession in 2023 – remain top of mind for consumers. In our December 2022 edition of the PSCU Payments Index, we present the second installment of our three-part Deep Dive on holiday spending, which includes the results of the Black Friday through Cyber Monday peak shopping period.
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Key takeaways include:
- Consumer spending on payment cards, while still positive, saw slowing growth in November.
- The Consumer Price Index (CPI-U) decreased on an annual basis to 7.1% in November, influenced by higher prices in housing and a small increase in food, which was offset by a 1.6% decrease in the energy index.
- Holiday spending in the Goods sector remained soft throughout November. Year-overyear growth in purchases for the overall Goods sector was down 1.6% for credit and up 1.3% for debit in November.
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