The Primax Payments Pulse explores consumer payments preferences and trends, providing timely insights on spending throughout the year. This special edition report takes a deep dive into consumer spending trends from the second quarter of 2023.
Key takeaways from the Summer 2023 Spending Report include:
- For credit purchases, the largest contributor to growth was the Services sector, and for debit purchases, Money Services generated the highest growth in June.
- The Consumer Price Index (CPI-U) decreased on an annual basis from 4.0% to 3.0% in June, marking the lowest annual inflation rate since March 2021.
- For the overall Services sector, growth in credit and debit purchases was up 6.0% and 5.5%, respectively, for June, with Insurance and Medical/Health Care largely contributing to sector growth.
Download the full report for more key findings from the second quarter of 2023, along with a year-over-year view of performance variance.
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