Americans spent more in May than before the pandemic, Visa says — but the spree is slowing down

Two masked women walk along S. Catalina Avenue in the Riviera Village shopping area of Redondo Beach, CA.

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Americans continued to unwind trillions of dollars in savings throughout May, albeit at a less explosive rate, Visa said Wednesday.

The Visa Spending Momentum Index reached 123.3 last month, according to a press release. The level suggests 59% of consumers spent more in May 2021 than in May 2020. Only 41% of Americans spent the same or less compared to one year ago. But that’s not the really important comparison.

The SMI also showed spending up from the pre-pandemic trend, lending credence to claims that pent-up demand is fueling a historic spending spree. The index’s current details ⇒

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