Primax Payments Pulse:
Summer 2024 Spending Report

The Primax Payments Pulse: Summer 2024 Spending Report compares year-over-year, same-store financial institution data and provides a three-month view of consumer transactions and trends from April through June 2024, including a deep dive into the Travel sector.

Key takeaways from this special edition report include:

• Debit and credit growth rates remained mainly unchanged year-over-year compared to the first quarter of 2024. Debit purchases were up 4.2%, with Money Services driving nearly a third of the debit growth, while credit purchases were up 0.2%, with the largest contributor being the Services sector. Debit and credit transactions were up 3.1% and 1.8% year-over-year, respectively.
• The 12-month rate of inflation is now at 3.0%, with the Consumer Price Index (CPI-U) dropping more than expected in June. Gasoline was the largest contributor to the decline, followed by airline fares and used cars and trucks. Increasing in June were shelter, motor vehicle insurance and household furnishings.
• Growth in the Travel sector was down year to date, with credit purchases down 2.6% and debit purchases down 0.8%. Cruise Lines posted the largest percentage growth in purchases for the quarter. In contrast, the merchant category with the largest influence was Lodging (Hotel/Motel), declining for both credit and debit purchases

Download the full report for more key findings from the second quarter of 2024.