PSCU Payments Index November 2022: Deep Dive on Holiday Spending Part I
Summary: With the holiday shopping season upon us, fears of a recession are top of mind as the U.S. economy continues to face high, albeit softening, inflation. In our November 2022 edition of the PSCU Payments Index, we present the first installment of our three-part Deep Dive on holiday spending as the season kicked off with the second Amazon Prime Day of the year in October.
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Key takeaways include:
- Consumer spending on payment cards remained strong in October. Credit card results have slightly softened as the year progressed, while debit card growth remained lower than credit cards, which has been consistent throughout 2022.
- The Consumer Price Index (CPI-U) decreased on an annual basis to 7.7% in October, influenced by higher prices in Energy and Food and lower prices in Used Vehicles, Medical Care, Apparel and Airline Fares.
- In this month’s Deep Dive, holiday spending appears to be off to a slow start, with fewer purchases in clothing and sporting goods showing shifts in consumer spending.
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