The third annual Primax Payments Pulse: 2023 Holiday Spending Report compares year-over-year, same-store financial institution data and provides a three-month view of consumer transactions and trends during the 2023 holiday spending season.
Key takeaways from the 2023 Holiday Spending Report include:
- Debit purchase growth continued to outpace growth in credit purchases in 2023. For transactions, debit grew 4.6% and credit grew 3.6% year over year.
- Growth in purchases for the overall Goods sector was down compared to 2022. Growth in Card Not Present (CNP) transactions outpaced growth in Card Present (CP) transactions.
- Growth in Buy Now, Pay Later (BNPL) payments for the top BNPL merchants increased 24% for the cumulative holiday season (October to December) compared to 2022.
- Mobile Wallets continued to gain popularity in 2023, with transactions representing 3.0% of overall credit transactions and 4.2% of overall debit transactions.
Download the full report for more key findings from the 2023 holiday season.
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