The Primax Payments Pulse explores consumer payments preferences and trends, providing timely insights on spending throughout the year. The Spring 2023 Spending Report takes a look at consumer spending trends, including a deep dive into Digital Payments.
Key takeaways from the Spring 2023 Spending Report include:
- For the first quarter of 2023, both credit transactions and purchases were up 6% year over year. Debit transactions were up 5% and debit purchases were up 6%, all compared to the first quarter of 2022.
- For the month of March 2023, transactions grew at a higher rate than purchases for both credit and debit cards compared to a year ago, a phenomenon that last occurred on credit cards in April 2020.
- The Consumer Price Index (CPI-U) decreased on an annual basis from 6.0% to 5.0% in March, with shelter accounting for the majority of the all-items inflationary increase.
- Digital Payments (defined as all Card Not Present, Mobile Wallets and tokenized activity) were significant and represented 44% of all credit transactions and 56% of all credit purchases for the quarter. For debit, Digital Payments made up 36% of all debit transactions and 49% of all debit purchases.
Download the full report for more key findings from the first quarter of 2023, along with a year-over-year view of performance variance.
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