Payments index September 2024: Back-to-school spending shows growth as overall consumer spending slows

by Velera

In the September edition of the Velera Payments Index, we see that growth in consumer spending increased on debit but softened on credit, mainly due to lower gasoline prices. We also present a Deep Dive on Back-to-School spending activity. A National Retail Federation (NRF) survey finds that more than half (55%) of shoppers started back-to-school purchases in July.

Consumers continued to express concerns about the labor market, despite the Consumer Confidence Index ticking up in August and the University of Michigan Index of Consumer Sentiment increasing slightly. The U.S. Bureau of Labor Statistics (BLS) reported the overall unemployment rate for August was slightly lower by 0.1 percentage point to 4.2%, or 7.1 million people. Jobs increased by 142,000, with gains occurring in construction and healthcare.

Key Takeaways

Key takeaways from the September 2024 edition of the Payments Index include:

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