According to the September installment of the Amex Trendex, a monthly trend report from American Express, consumers are shifting priorities to focus on financial wellness, with 62 percent saying they are saving more for the short term and 65 percent saving for long term.
Nearly 60 percent of consumers surveyed said they are more concerned about overall finances since the beginning of the pandemic.
At the same time, consumers told the company they are “recognizing the financial flexibility of credit cards” for everyday purchases and spending. Millennials in particular said they are 1.4 times more likely than Baby Boomers to use a credit card to purchase streaming services.
Overall, 53 percent of consumers prefer to redeem credit card rewards for cash back, an increase from 44 percent prior to the pandemic. This sentiment extends to getting rewards on everyday essentials as groceries and gas continue to be a top spending