5 spending predictions for 2022

Though 2021 ended on a note of uncertainty as COVID concerns continued to disrupt consumers’ travel, shopping, and return to work plans, there is hope the current surge will begin to wane over the coming months, opening the door to a new normalcy in the second quarter.

Overall, CO-OP’s SmartGrowth experts predict a strong year of growth for credit union payment portfolios following stabilization of spending behaviors in the second half of 2021. Our experts are watching the emergence of these 5 trends that should come to full fruition in 2022:

1. Spending Behaviors Normalize: After the shocks of 2020, in 2021 consumers largely recovered and have solidified their spending habits – whatever they may be…

   “We can tell from CO-OP’s spending data that once the vaccine was released, many people settled into their ‘new normal’ spending habits,” says Beth Phillips, Managing Director, Strategic Portfolio Growth at CO-OP. “Those who remained comfortable socially distancing, socially distanced, while others returned to attending in-person events.”

 

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