With consumer confidence up from the last holiday season but below its peak earlier this year, financial services providers may be particularly challenged to prepare for consumer spending patterns this year.
To help, our finance industry expert, Jamie Drayton recently prepared a holiday consumer credit report. Key findings include:
- Consumers are searching for credit cards more than ever indicating an increase in spending on the heels of lockdowns and in preparation for the holiday season.
- Low interest and balance transfer credit cards receive more paid spend than any other credit card type.
- After ad spending on low-interest cards was cut across many major banks in response to COVID-related economic uncertainty, it has returned in full force.
- Interest in Balance Transfer cards is up 8x-10x at top banks compared to last year. Demand has increased but so has landing page quality. Consumers love to compare products side-by-side and now have the ability to do so on many credit card provider sites.
Download the full report for more.
