Velera Payments Index Finds Consumers Still Spending Amid Inflation, Fuel Spike
By CU Today Staff —
TAMPA--Despite a sharp increase in gasoline prices, consumers kept spending in April, posting strong growth in debit and credit card transactions and purchases, according to the May edition of the Velera Payments Index.
As of May 11, the average price for a gallon of gasoline was $4.50 – 44% higher than a year ago and 53% higher (or $1.56) since the war with Iran began on Feb.
“April’s data reinforces a familiar but important theme: even as higher gas prices and renewed inflation pressures weigh on sentiment, consumer spending behavior has remained steady,” said Cody Banks, SVP, product experience and Enablement at Velera. “Debit and credit activity continued to grow, with an increasing share of that activity shifting toward digital and tokenized payment experiences. While factors such as tax refunds provided near‑term support, the broader takeaway is the continued adaptability of consumers and the growing role digital payments play in how everyday spending is managed. For credit unions, this underscores the importance of closely monitoring where spend is evolving and ensuring digital capabilities keep pace with changing consumer expectations.”
According to Velera, key takeaways for April include:
The full report is available for download here.
Originally reported by CU Today.