PSCU Payments Index January 2023: Deep Dive on Holiday Spending Part III
Summary: The 2022 holiday shopping season has concluded, with consumer holiday spending trending upward in the final weeks of 2022. Consumer confidence ended the year on a positive note, as inflationary pressures show signs of slowing, while continued interest rate hikes are positioning the economy for a cool-down period, as intended. In our January 2023 edition of the PSCU Payments Index, we present the final installment of our annual three-part Deep Dive on holiday spending.
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Key takeaways include:
- Consumer spending growth on payment cards in December finished slightly better than November.
- The Consumer Price Index (CPI-U) decreased on an annual basis to 6.5% in December.
- Year-over-year growth in holiday spending for the Goods sector improved in December as compared to November.
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