Primax Payments Pulse: 2022 Holiday Spending Report

End of Holiday Season Saw Uptick in Spending

The Primax Payments Pulse explores payments preferences and trends, providing timely insights on consumer spending throughout the year. The special edition of this report uses year-over-year, same-store financial institution comparisons to explore consumer payment preferences and spending trends from a three-month period during the 2022 holiday spending season.

Key takeaways from the report include:

  • For the cumulative holiday period in the Goods sector, growth in credit purchases was up 2.0% and growth in debit purchases was up 6.4%.
  • Overall consumer spending growth on payment cards in 2022 finished strong, with credit purchases up 15% and debit purchases up 5%.
  • The Consumer Price Index (CPI-U) decreased on an annual basis to 6.5% in December, with the energy index decreasing 4.5%.
  • Contactless card transactions continue to grow as consumers show strong adoption of “tap and go” payments.

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