PSCU Payments Index July 2022: Deep Dive on Travel and Entertainment
Summary: In this month’s report, consumer purchasing activity remains strong with the continued outpacing of credit card growth over debit cards. This month’s Deep Dive looks at performance within the discretionary spending sectors of Travel and Entertainment.
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Key takeaways include:
- Consumer spending on cards remained strong, with credit purchases up 16% and debit purchases up 7% year over year.
- The Consumer Price Index (CPI-U) increased on an annual basis to 9.1% in June, which was a 1.3% increase from May and heightens the pressure on the Fed to reign in the highest level of inflation since 1981.
- While discretionary spending in the Travel and Entertainment sectors remains strong with year-over-year credit purchases up 26% and debit purchases up 7% for the combined sectors, transaction growth is now an important metric to watch, looking beyond the inflationary impacts to understand shifting consumer trends.
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