SoFi reports grocery trips up 13% as consumers manage cash flow
SoFi Tech Solutions’ Q2 Debit Spend Index showed U.S. consumers increased grocery trips by close to 13% while cutting average basket size, according to senior director Max Spivakovsky. Fuel purchases jumped 28% and travel‑related spending rose 21% in the same period, indicating households kept discretionary spending despite higher essential costs.
Card‑on‑file transactions accounted for almost 25% of debit purchases and more than 30% of total debit spending in SoFi’s Q2 data. Those saved‑card purchases averaged close to $60, compared with an overall debit transaction average of $37. In SoFi’s research, about 20% of consumers said they would switch cards for better benefits, underscoring the demand for added value.
“Providers shouldn’t be just looking at isolated transactions anymore,” Max Spivakovsky said.
“When folks are feeling financially cautious, the absolute last thing they want to see is a surprise,” Max Spivakovsky said.
The article opens by noting that careful consumers are adjusting their spending without cutting overall outlays, using debit data to see how they juggle essentials and discretionary items. It cites SoFi’s Q2 Debit Spend Index as the source of the behavioral insights.
What we know
Grocery trips increased by close to 13% from the first quarter, while the average amount spent per trip fell 3%.
Fuel spending rose 28%, while travel spending increased 21% and spending on experiences rose 23%.
Card-on-file payments represented almost 25% of debit purchases and more than 30% of debit spending in the company’s Q2 data.
Saved-card transactions also carried an average purchase of close to $60, compared with $37 for debit transactions overall.
In the company’s research, about 20% of consumers said they would switch cards for better benefits.