A shift in consumer spend shows a need for normalcy
Consumers are emerging from a lingering pandemic into an unfamiliar global economy that is resulting in significant shifts in their wallets.
To navigate these circumstances, consumers are pushing ahead, making deliberate choices in what, where and how they spend. Balancing household budgets while fulfilling long-postponed desires for in-person living means facing meaningful questions on how to spend. Dine out or cook? Buy online or in-person? Book a trip now or later? Shop on the weekend or during the week? Understanding these tradeoffs and where the patterns are emerging reveals how consumers are shifting their longer-term spending habits.
In “Shifting wallets: New consumer spending habits,” the Mastercard Economics Institute explores unique and high-frequency economic measurements to better understand the evolution of consumer choices in three areas:
What to buy: A view of food and travel priorities
Where to buy: A view of small vs. large businesses
When to buy: A view of weekday vs. weekend purchases
“Growth in online spend at small services businesses in August 2022 was up 59% from August 2019, versus 34% for large services businesses.”1
Drawing from aggregated and anonymized sales activity in the Mastercard network and third-party sources, we look at how consumers are shifting their spending in the face of higher prices and a reinvigorated appreciation for experiences.
Gain access to “Shifting wallets: New consumer spending habits” to learn about consumer choices in what, when and how they’re buying. You can also learn more about the report's insights by registering for our upcoming webinar focused on Asia Pacific insights, or access our global webinar on-demand.
1 Mastercard Economics Institute