Year-over-year consumer spending growth remained consistent and positive in November. While consumer sentiment surveys have shown mixed results, concerns about high prices remain. In this month’s Velera Payments Index, we present a deep dive into international transactions in the Goods sector and an update on 2025 holiday spending.

Key Takeaways:

While consumer sentiment showed mixed results, actual purchasing activity continued to grow consistently in November. Debit purchases increased by 4.2%, with the Goods and Money Services sectors accounting for 80% of that growth. Credit purchases were up 1.9%, with the Goods and Services sectors accounting for just under 80% of the increase.
Consumers spent record amounts online from Thanksgiving Day through Cyber Monday (Nov. 27 through Dec. 1), building on the strong performance in 2024. Overall debit purchases increased by 1.1% and debit purchases in the Goods sector rose by 3.8% within the Payments Index dataset for this intensive five-day spending period. Overall credit purchases increased by 0.2%, while credit purchases in the Goods sector decreased by 0.1%.
There was a drop in International Goods credit purchase growth coinciding with the initial tariff announcements in April, followed by an even steeper decline in growth after the elimination of the de minimis exemption in late August.
In a highly anticipated move, the Fed lowered interest rates by a quarter of a percentage point in December. A pause in subsequent rate changes may occur, as growing dissent among the voting committee is evident.
For November, the ADP private-sector jobs report showed a decrease in U.S. private employment by 32,000. In the November jobs report, the BLS posted an increase in the unemployment rate to 4.6%, the highest rate in four years.

What Credit Unions Should Do Now:

Members expect seamless, personalized interactions across every digital touchpoint. Competing effectively in a dynamic digital landscape requires benchmarking your digital experience, identifying gaps and building a strategic roadmap.
As consumer spending rebounds after the post-holiday slowdown, this is the perfect time to focus your card marketing efforts on strengthening credit and debit card retention through member re-engagement.
Younger consumers feel like they face financial challenges that previous generations did not. Credit unions have an opportunity to stand out by addressing these concerns and positioning themselves as trusted partners in financial wellness. To capture attention and build loyalty, leverage platform-specific social strategies, authentic messaging and community-focused content.

The Velera Payments Index December 2025