SpendTrend – January 2024

Consumer spending cools off

 

Overall spending grew at +2.2% year over year in January, down from +5.0% in December, according to the latest SpendTrend® from Fiserv report. Year-over-year transaction growth was also +2.2%, down from +7.0% a month earlier.

SpendTrend provides a comprehensive look at patterns of actual consumer spending each month, aggregating U.S. retail sales data across more than four million merchant locations in all major retail verticals, plus services, travel and lodging, and food.

 

January 2024 highlights

Retail spending growth fell to -2.4% in January, following a 12-month high (+1.7%) in December. Only General Merchandise (+1.1%), Health and Personal Care Stores (+1.6%) and Sporting Goods (+3.5%) exceeded their January 2023 performance.

Grocery spending fell (-0.8%) in January, while Food Services/Drinking Places grew at a sluggish pace of only +0.5% – a typical post-holiday slowdown.

Leisure spending growth (+19.3%) continued its strong pace while growth in Services (+7.9%) was fueled by insurance premium payments, higher-than-average utility costs and early tax payments.

Download the January report to explore spending across nine industry verticals and nine retail subindustries. Key topics:

  • Year-over-year spending and transaction growth/decline
  • Average ticket size – overall, by sector and by payment type
  • Transaction, spending and ticket size growth by payment type – overall and by sector
  • Spending growth by region

 

All data is Fiserv proprietary data and includes only actual card-based forms of payment. SpendTrend® from Fiserv is a macroeconomic indicator that reports aggregated year-over-year, same-store sales activity for card-based payments. SpendTrend does not represent Fiserv financial performance.

© 2024 Fiserv. All rights reserved.

 

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