Consumer Behavior

Card spend on healthy growth path this holiday season

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November 8, 2023

Total consumer card spending will increase at least 6.4% this holiday season compared to 2022, according to a Commerce Signal report on credit and debit card spending trends and insight.

The report "2023 Holiday Spending Forecast," shows discretionary and non-discretionary spending is expected to grow at +6.2% and +6.5% respectively, according to a press release on the findings.

"This would be a continuation of 2023 trends where consumers continue to outspend inflation despite many predictions that interest rate increases would slow down the economy," stated the release.

The largest spend area is experiences with theaters and cruise lines leading in term of growth.

Conversely, discretionary spending in retail is forecasted to decline with housewares and appliances (-24%), furniture/mattress (-19%), Home Décor (-17%) and home improvement (-4.1%).

But growth is expected with beauty retailers (11.8%), mass merchants (7.1%). warehouse clubs (5.1%) and pet supply retailers (4.8%).