CE 100 Index’s Strong 2024 Reflects Digital Economy’s Momentum

The stock market offers a snapshot, at any given time, of investor sentiment, which is driven by the fundamentals of companies, sectors and the economy as a whole.

The read across from the proprietary CE 100 Index, which exists as a microcosm of innovation, where companies are helping blur the lines between the physical and digital realms, shows that the momentum of the connected economy has the wind at its back.

PYMNTS Intelligence studies, from connected economy monthly reports to “How the World Does Digital,” and deep dives into consumer and business shifts, have shown that engagement with digital activities has been on a steady rise.

We’re just a few days into January, so the time is right to take stock of where we’ve been and where we’re headed, not just in terms of stock performance, but for the connected economy as a whole.

The headline numbers show that through the year, the CE 100 Index notched 27.7% gains, outpacing broader benchmarks, including the S&P 500, which includes firms from a broad swath of industries, and the Dow Jones Industrial Average.

Volatility in Shopping

Drilling down a bit, all pillars except the Shop pillar gained ground. As for the shopping names, the group was down a bit more than 9%. Performance in the sector was mixed, as Ocado slipped more than 55%, and Pinterest was off 13% on a trailing 12-month basis, offsetting the gains seen in names like Shopify, which soared more than 50%. Walmart was up 71% over the same period.

Momentous Performance in the Pay and Be Paid Pillar

The Pay and Be Paid pillar surged 82.7% as 2025 dawned, putting up a yearlong performance that trumped all other segments. Sezzle was up more than 1,000%, and Affirm was up by more than half. American Express surged over 60%. The leaps and bounds of the payments segment underscore a wholesale shift.

We’re using digital devices and a broad range of payment methods, where buy now, pay later (BNPL) has been a standout. PYMNTS data showed that in the United States, for example, only about 17% of consumers used cash or checks for in-store purchases, which means that they were bringing digital, connected experiences into the brick-and-mortar setting, further straddling various channels in the bid to get what they want, when they want. Almost 47% used mobile banking at least weekly across all consumers queried.

PYMNTS Intelligence reports on how the world is digitally transforming showed that digital engagement with everyday tasks involving living and moving (with ride-hailing apps) propelled those segments up 35% each through the past 12 months. Moreover, 60% of consumers said they engage with streaming services (movies, media and social media), which helped move the Have Fun pillar up by 37%. It was boosted by the likes of Roblox, where the stock added more than 44%, and Spotify, which jumped about 148%.

There will likely be volatility in the weeks and months ahead, as nothing travels in a straight line. But no matter the gyrations of the market, the underpinnings of the connected economy remain intact.