The Velera Payments Index November 2024: A Deep Dive into Holiday Spend — Part I

Summary: Since our last Payments Index update, the U.S. presidential election concluded Nov. 5 with a decisive winner, the Federal Reserve cut interest rates by a quarter-percent on Nov. 7 and the 2024 holiday shopping season officially kicked off with the start-of-season sales in early October. Growth in consumer card spending improved in October, with increases for both debit and credit, while lower gasoline prices continued to negatively impact purchase growth as growth in gas transactions remained flat. In this edition of the Velera Payments Index, we present the first of our three-part installment on holiday spending.