PSCU Payments Index September 2022: Deep Dive on Back to School
Summary: It’s back to school time again, as students of all ages have returned to classrooms throughout the country. And morning traffic is not the only thing that’s increased as a result, with consumer purchasing activity showing strength in both credit card and debit card volume in August. In our September 2022 edition of the PSCU Payments Index, we take our second annual Deep Dive into back-to-school purchasing.
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Key takeaways include:
- Consumer spending on cards was strong, with growth accelerating from last month and credit cards again outpacing debit cards.
- The Consumer Price Index (CPI-U) decreased on an annual basis to 8.3% in August, influenced by lower prices in Gasoline and higher prices in Shelter, Food and Medical Care, as well as Electricity and Natural Gas.
- Purchase growth in this month’s Deep Dive on back-to-school spending follows similar trends in overall spending growth, with credit purchases up 12% and debit purchases up 3%.
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