PSCU Payments Index November 2021: Deep Dive on Holiday Spending
Summary: In the November 2021 edition of the PSCU Payments Index, we see strong consumer purchasing during the initial weeks of the holiday shopping season, combined with mixed consumer sentiment on the state of the economy. This month, we present the first in a three-part Deep Dive into 2021 Holiday Spending. As the new realities of a post-pandemic economy begin to materialize and the PSCU Payments Index continues to evolve accordingly, you’ll see that we are now beginning to focus more on year-over-year changes and less on comparisons back to pre-pandemic 2019.
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Key takeaways include:
- Consumer spending remained strong for both credit and debit purchases as the Consumer Confidence Index increased in October, reversing a three-month downward trend.
- Inflation increased again as the CPI-U for October rose to 6.2% year over year, now a 31-year high.
- From our Holiday Spending deep dive, Goods sector purchases were strong, with credit up 13.6% and debit up 9.5%.
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