Household Bills Turn Optimism Into Deferred Purchases

Consumers still have a strong appetite to spend, but many have lost the room in their budgets to act on it. New PYMNTS Intelligence research suggests that while financial pressures continue to shape household decisions, the desire to make purchases remains intact. That distinction offers an encouraging signal for banks, merchants and payment providers looking beyond today’s economic headlines.

Those findings come from “Sentiment Split: Consumers Feel Hopeful Until the Bills Arrive,” the May edition of the PYMNTS Consumer Expectations Index (PCEI). Based on a survey of 2,465 U.S. consumers, the report finds that while Americans generally feel optimistic about their employment prospects and long-term finances, this optimism often collides with the reality of monthly bills. As a result, many consumers are delaying purchases they would otherwise make, not because demand has disappeared, but because cash flow has become tighter. The report paints a picture of consumers waiting for more financial breathing room before opening their wallets.

Key Findings

Consumers struggling to pay bills gave buying conditions a score of just 34.3. That was the lowest score of any financial group surveyed, illustrating how current budgets are limiting purchasing decisions. Furthermore, macroeconomic expectations for these consumers have slipped 8 points since December 2025, double the decline of those not living paycheck to paycheck. While conditions are worsening for everyone, those already struggling financially appear to be the hardest hit.

Struggling paycheck-to-paycheck consumers scored their long-term economic outlook at 38.8, more than 4 points higher than their current buying conditions. This shows that while buying conditions remain weak, consumers tend to believe that their economic situation will improve over the next three years. In other words, while purchasing has slowed in the short-term, consumers think their current situation is only temporary and they will likely make these purchases in the future. For banks, merchants and payment providers, that represents demand waiting for the right financial moment rather than demand that has disappeared.

The PCEI gap between financially secure and financially struggling consumers reached roughly 21 points.Consumers who do not live paycheck to paycheck are not waiting around for their conditions to improve, posting a buying climate score nearly two dozen points higher than consumers struggling to pay monthly bills. The widening divide shows that access to discretionary spending increasingly depends on consumer’s financial health instead of willingness to spend.

The report also highlights improving confidence in employment, a trend that could support consumer spending as the year progresses. Stable jobs often give households greater confidence to make purchases, even when economic headlines remain mixed. That creates opportunities for financial institutions and merchants to help consumers manage uneven cash flow through more flexible payment experiences, clearer budgeting tools and faster access to funds.

Rather than pointing to fading consumer interest, the findings suggest demand remains largely intact beneath the surface. Many consumers are still looking ahead with optimism. As financial conditions gradually improve, businesses that help households bridge temporary cash flow gaps will be well positioned to capture spending that has been delayed rather than lost.

At PYMNTS Intelligence, we work with businesses to uncover insights that fuel intelligent, data-driven discussions on changing customer expectations, a more connected economy and the strategic shifts necessary to achieve outcomes. With rigorous research methodologies and unwavering commitment to objective quality, we offer trusted data to grow your business. As our partner, you’ll have access to our diverse team of PhDs, researchers, data analysts, number crunchers, subject matter veterans and editorial experts.