For younger Americans in the Generation Z cohort, spending is out, while saving is reportedly in. That’s according to a report Tuesday (June 24) by the Wall Street Journal (WSJ), citing data from market research firm Circana showing that in-store and eCommerce purchases by 18-...
Recent research reveals that a significant portion of consumers regularly face substantial unplanned expenses, reshaping how financial institutions must approach credit offerings and consumer flexibility. The PYMNTS report, “Managing Unplanned Expenses: How the Pay Later Economy Fits Consumer Needs,” highlights the pervasive nature of unexpected...
Traditional 9-to-5 employment, and the bi-weekly paycheck, is no longer sufficient for a significant portion of the U.S. population, leading many to pursue alternative income sources known as side hustles. As PYMNTS Intelligence found in the recent “New Reality Check” report on the pressures of...
The tariff-induced spending splurge may have come to an end. In May, retail sales slipped 0.9%, adding to a revised 0.1% decline in April, according to the Census Bureau. And though the big-ticket items saw a retreat, key categories of discretionary spending declined as well,...
A fundamental shift in consumer financial behavior is redefining the landscape for banking institutions, revealing that even high income doesn’t guarantee proactive money management when the economy gets tight. New research from PYMNTS Intelligence reveals that consumer financial management isn’t solely a function of income...
The most digitally-native cohort is rapidly reshaping the financial services landscape. With their purchasing power projected to reach $12 trillion in just five years and a staggering $84 trillion in assets by 2045, GenZ represents an undeniable force for banks worldwide. However, their unique behaviors...
There has been a moderate rebound in consumer sentiment, but overall, consumers’ attitudes are below pre-tariff levels. Preliminary June data from the University of Michigan released Friday (June 13) found that consumer sentiment improved from recent nadirs. The initial estimates showed that sentiment improved 16%...
Consumers’ expectations about the direction of inflation broadly improved in May. Among all demographics and across the three time periods about which they were surveyed, consumers said they expected the rate of inflation to slow, the Federal Reserve Bank of New York said in a Monday...
Payments optimization is a battleground for businesses aiming to maintain a competitive edge in the evolving digital landscape. Achieving peak performance in payment processes requires a focus on three key pillars: choice, confidence and convenience. The PYMNTS Intelligence report “Big Three: How Choice, Confidence and...