- Major payments industry analytics and consulting firm The Strawhecker Group released data last week showing 21% growth in consumer spending on credit and debit cards nationwide in July compared to the same month last year. When compared to July 2019, to adjust for the impact of COVID-19, spending still up nearly 20% on a two-year compound annual growth rate basis.
- Credit and debit card spending by consumers in July was higher in most of the 250 industries covered by TSG’s year-over-year analysis released Aug. 25.
- Nevada, South Carolina, Delaware, and Arkansas showed the biggest jumps in spending with increases exceeding 25% between July 2019 and July 2021. “The high growth states [reflect] a mix of industries and economic trends more than the shift to card [use] from cash,” TSG President Mike Strawhecker said by email.
Strength of economy evidenced by increase in consumer card spending in 95% of the 250+ industries monitored by TSG
New market data published by The Strawhecker Group (TSG), the largest analytics and consulting firm focused on the payments acceptance industry, illustrates the strength of the U.S. economy. TSG data shows that July year-over-year consumer spending on credit and debit cards was up 21% nationwide. Further, when compared to July 2019 to adjust for the influence of COVID, spending was up nearly 20% when looking at a two-year compound annual growth rate (CAGR). Read More.