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Credit card spending by Americans is ‘losing steam’ | FOX Business

Credit card spending by Americans is ‘losing steam’ | FOX Business

Over the past two years, Americans have been opening their wallets wide, continuing to spend despite challenges like stubborn inflation and high-interest rates. This spending trend, however, seems to be showing signs of change. Recent data from Wells Fargo reveals that while the U.S. consumer base remains stable, there is a noticeable decrease in credit card spending. This trend is evident in the slowing growth rate of card volume, which includes both credit and debit card transactions. The period between July and September saw a 5.3% increase from the previous year, marking a significant drop from the 13% growth in 2022 and an even more substantial decrease from the 25% surge in 2021.

What has been supporting this consumer spending, despite economic headwinds? Factors like a strong job market and significant wage increases have played a crucial role. Yet, economists anticipate a shift towards more cautious spending habits in the near future. This change is expected as a result of factors such as the resumption of student loan payments and the ongoing impact of high-interest rates. Additionally, the reliance on credit cards to manage basic needs is rising, with credit card debt surpassing $1 trillion and delinquencies reaching an 11-year peak.

Inflation has been particularly hard on U.S. households, as costs for essentials like food, gas, and rent continue to rise. This burden disproportionately affects low-income families, who are more vulnerable to price fluctuations. Major retailers like Walmart have expressed caution about consumer spending in the upcoming months. Walmart’s concerns are shared across the retail industry, with brands like American Eagle Outfitters, Crocs, and Nike potentially facing impacts from reduced consumer spending, especially as student loan payments restart………full-loaf-600x400-1-e1700879832480 Credit card spending by Americans is 'losing steam' | FOX Business[read more]

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Rising-Dough-e1700879911412 Credit card spending by Americans is 'losing steam' | FOX BusinessIn the context of these economic trends, consider how a change in consumer spending habits could influence the strategies of businesses and marketers. With a shift towards more cautious expenditure and increased reliance on credit, how might companies adapt their approaches to attract and retain customers?

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stone-street-coffee-logo Credit card spending by Americans is 'losing steam' | FOX Business ☕️ **Discover Stone Street Coffee Company – Your Coffee Haven!** Today’s Dough readers, if you’re on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today’s Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street’s commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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4f1cc4b29916b762d4aee3941455a073?s=64&d=mm&r=g Credit card spending by Americans is 'losing steam' | FOX Business
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Cole Miller
2 months ago

Hi

af1de8835e7c980b2b5e3260f77b25f0?s=64&d=mm&r=g Credit card spending by Americans is 'losing steam' | FOX Business
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Cindy
2 months ago

When consumer spending habits change, businesses and marketers need to adapt their strategies. If people are being more cautious with their spending and relying more on credit, companies might focus on offering flexible payment options or loyalty programs to attract and retain customers. It’s all about finding ways to make the shopping experience more convenient and appealing.

15d4a048de9d1cac962f1fb6fd95bc9d?s=64&d=mm&r=g Credit card spending by Americans is 'losing steam' | FOX Business
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Anthony M
2 months ago

With a shift towards more cautious spending behavior from consumers companies will need to lower their prices. Americans are now reliant on credit cards to pay for basic goods causing people to be cautious of going into more debt because they can barely afford to live. In order to combat this companies will either need to lower prices or have a loyalty program, so their customers don’t shop elsewhere.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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3 Comments
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Cole Miller
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Cole Miller
2 months ago

Hi

Cindy
Guest
Cindy
2 months ago

When consumer spending habits change, businesses and marketers need to adapt their strategies. If people are being more cautious with their spending and relying more on credit, companies might focus on offering flexible payment options or loyalty programs to attract and retain customers. It’s all about finding ways to make the shopping experience more convenient and appealing.

Anthony M
Guest
Anthony M
2 months ago

With a shift towards more cautious spending behavior from consumers companies will need to lower their prices. Americans are now reliant on credit cards to pay for basic goods causing people to be cautious of going into more debt because they can barely afford to live. In order to combat this companies will either need to lower prices or have a loyalty program, so their customers don’t shop elsewhere.

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