NEW YORK—Earnings reports this quarter point to a resilient U.S. consumer — one still spending steadily despite ongoing economic uncertainty. Credit and debit cards remain central to that spending, and younger generations are playing a growing role in driving transaction volume heading into the holiday season, PYMNTS reported.
JPMorgan Chase, the nation’s largest bank, reported a 9% year-over-year increase in card spending in the third quarter, according to PYMNTS. The gains reflected continued household and small-business activity even as pandemic-era savings dwindled.
Bank of America’s results painted a similar picture: total combined credit and debit card spending rose 6% from a year earlier, the third straight monthly gain.
At American Express, generational dynamics stood out. The company said Gen Z and Millennials now represent 36% of total card spend — matching Gen X — while overall billed business climbed 9% year over year. PYMNTS noted that younger consumers are sustaining their spending power through digital and mobile channels, underscoring their growing influence in the card economy despite broader macroeconomic headwinds.
Recent PYMNTS Intelligence data provide additional context on how these consumers are balancing credit, debit and savings. A July 2025 report, “How People Pay: Payment Choice Depends on Shopping Channel,” found debit cards account for 42% of all in-store transactions, while credit cards and digital wallets dominate online checkouts. That suggests consumers overall are tactically managing their payment choices — using debit for day-to-day essentials while turning to credit for higher-ticket or digital purchases.
A September PYMNTS Intelligence study, “Study Shows Gen Z Saving Harder Even as Costs Rise,” revealed that Gen Z consumers have an average of $5,948 in liquid savings, compared to $8,594 for millennials.
Taken together, these patterns depict a generation that is both resilient and intentional. Gen Z and millennials aren’t spending carelessly—they’re managing their finances with purpose, striking a careful balance between debit and credit to keep their momentum without stretching too far. For financial institutions, that behavior signals opportunity: rising debit use points to deep account engagement, while steady credit card activity highlights growing loyalty potential, PYMNTS said.