PSCU Payments Index January 2022: Deep Dive on Holiday Spending Part III
Summary: In the January 2022 edition of the PSCU Payments Index, strong consumer purchasing continued through the extended holiday shopping season (October through December), with the strongest share of weekly purchases – similar to previous years – during the four weeks beginning with Thanksgiving week. This month, we present the final installment of our three-part Deep Dive into 2021 Holiday Spending.
Subscribe to the Payments Index
*Visit our privacy policy to learn more about how we handle your data.
Key takeaways include:
- Credit card usage continues to rise. Consumer spending was very strong for both credit and debit purchases in December, with growth in credit continuing to outpace debit.
- With the growth in credit card purchases, average credit card balances increased in December by 1.4% to $2,724. December 2021 results were 3% lower than 2020, closing the gap from the pay-downs over the past 18 months.
- In Part III of our Deep Dive on 2021 Holiday Spending, growth in our same-store population of credit unions outpaced market predictions, with purchases in the Goods sector up 13.7% for credit and 8.8% for debit over the cumulative three-month holiday season.
Subscribe to our mailing list to receive the PSCU Payments Index delivered directly to your inbox each month.