Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the February edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions make informed, strategic decisions on the road ahead.
In this month’s iteration, we look at several macroeconomic indicators affecting consumer preferences and behaviors, including the Omicron variant and unemployment rate, among other factors. The Consumer Confidence Index decreased in January, impacted by challenges from rising prices and the ongoing pandemic, while supply chain disruptions and market shortages are now expected to continue through 2022. The Consumer Price Index (CPI) increased 0.6% in January, to 7.5% – its highest point since February 1982 – according to data released by the Labor Department on Feb. 10. And, despite the continued pandemic-related headwinds, consumer spending remained strong throughout the month of January. This month, we present a Deep Dive into Food – the combined Grocery and Restaurant sectors.
“Entering 2022, the evolving path of the pandemic remains evident,” said Norm Patrick, vice president, Advisors Plus Consulting at PSCU. “While consumer confidence dipped in January for the first time since before the holiday shopping season, consumer spending remains very strong. Credit card purchases outpaced debit once again, with the Travel and Entertainment sectors reporting the highest overall growth in consumer spend. As we look at Food purchases in this month’s Deep Dive, the total spend has grown – in part due to rising prices and continued bulk buying – but the spend mix continues to shift, falling back to more of a pre-pandemic pattern.”
A sampling of key takeaways from the February report includes:
The full report is available for download here or can be shared as a PDF upon request. Additionally, feel free to subscribe here to receive updates when the PSCU Payments Index is published each month.
Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.