Primax Payments Pulse: 2024 Holiday Spending Report

The Primax Payments Pulse: Holiday Spending Report is a comprehensive analysis of the 2024 holiday shopping season, covering the period from October to December. The report details the performance of credit and debit transactions, highlighting a significant increase in consumer spending during December, attributed to the late Thanksgiving holiday. Year-over-year growth rates for debit purchases rose by 4.5%, while credit purchases increased by 4.2% in December. The report also notes that the Consumer Price Index (CPI) rose by 2.9% over the past year, with energy costs contributing significantly to this increase. Additionally, the report discusses employment trends, indicating a job growth of 256,000 in December, which exceeded analysts' expectations. The findings suggest a resilient consumer spending environment despite lower consumer confidence and rising credit card debt. The report aims to assist financial institutions in making informed decisions amid ongoing economic uncertainties.