The third quarter of 2022 could become a rocky road for many brands, as consumers tighten budgets from July through September in preparation to spend during the holiday season.
Visa suggests more people put purchases on credit cards, specifically in Q2 2022. Net revenues rose 19% in the quarter, compared with the prior year, indicating modest growth. Total payment volume for the quarter reached 136% versus three years ago -- up 1 point from the prior year.
The financial company also said during the earnings call on Wednesday that there is no “indication of any slowdown” in spending, at least when it comes to consumers putting purchases on their cards. That does not mean people spend what they have or can afford. It just means higher borrowing rates.
“A few observations, though, on inflation,” Al Kelly, chairman and CEO of Visa, said on the earnings call. “One, keep in mind that the headline CPI inflation number does not necessarily apply to Visa as our basket of goods isn't the same. Consumers just don't buy homes or use cards with their Visa cards, for example, so we see a several point gap between headline inflation and inflation in card-related spend categories.”
How does search engine optimization (SEO) fit in with current spending trends? Inside Performance talked with BrightEdge CEO Jim Yu to gain insights. The following are excerpts from correspondence via email.
IP: How are marketers reacting to the current economic environment based on consumer pullback or...
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