PSCU Payments Index February 2022: Deep Dive on Food
Summary: As consumer preferences and behaviors continue to shift and evolve, the Payments Index will now include a greater emphasis on our monthly Deep Dive, along with greater focus on year-over-year changes and fewer comparisons to pre-pandemic 2019. This month, we present a Deep Dive into Food – the combined Grocery and Restaurant sectors.
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Key takeaways include:
- Consumer spending was again very strong for both credit and debit purchases in January, with growth in credit continuing to outpace debit.
- The average credit card balance for January 2022 was $2,736 – marking the first time since the start of 2019 that the year-over-year average credit card balance has not dropped.
- Growth in CNP purchases within the Food sectors, this month’s Deep Dive topic, has accelerated compared to pre-pandemic annual results, with added growth when comparing 2021 to 2020 in the Restaurant categories.
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