The Primax Payments Pulse provides timely, relevant insights into consumer spending trends. The Spring 2022 Spending Report edition takes a look at year-over-year, same-store financial institution comparisons and provides a view of consumer transactions and trends over the first four months of 2022, along with a deep dive into Mobile Wallets.
Key takeaways from the report include:
- The Consumer Price Index (CPI-U) hit a 40-year high in March at 8.5% and moderated slightly to 8.3% in April – the first drop in the CPI in eight months. With inflation above 6% since October 2021, the Fed increased interest rates by 50 basis points in May.
- Mobile Wallets continue to show strong growth, with notable growth coming from younger generations. For Gen Z (19- to 23-year-olds), Mobile Wallet transactions for year-to-date 2022 were up 155% for credit and 107% for debit year over year.
Complete the form to access the Primax Payments Pulse: Spring 2022 Spending Report.