Splurging on a new Tulum fit… or three. Credit-card companies are racking up profits as you go on a pre-summer swipe spree. Last quarter, Visa’s sales jumped 25%, from a 2% decline a year ago. Now it expects to top pre-pandemic levels this year. FYI: Visa makes up over half of the US payments market.
Dusting off the passport… As most pandemic-era restrictions have now been lifted, consumers are making up for lost time when it comes to travel. More than 80% of Americans will take at least one trip with family and friends this year, and at least half plan to spend more than before the pandemic. For tourists visiting the US, Visa execs say there’s “plenty of recovery” to come.
Consumer spending is in a U-turn… People aren’t spending less — they’re spending differently. Think: moving dollars from DoorDash and Netflix and into restaurants and delayed vacays. But it’s TBD how long the spree can last: concerns are rising that the global economy might be in for a significant slowdown that could hit consumers just as they’re venturing back into their pre-Covid routines.