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  • Frank Tian

💳 Consumers Continue to Shop on Cards

The top 4 US banks had another solid quarter with credit cards.


This is the advantage of the diversified business model at full-service banks:


The credit card engine continues to fire while mortgage and trading are muted.


🟩 Credit Card Sales


Q1 ‘23 vs. Q3 ‘19: +31%


Q1 ‘23 vs. Q1 ‘22: +9.2%


📍 Consumers continued to shop at a pace faster than inflation, despite the current tech recession.


📍 Consumers confidence has gradually rebounded from the low in mid-2022.



🟦 Credit Card Balances


Q1 ‘23 vs. Q3 ‘19: +7%


Q1 ‘23 vs. Q1 ‘22: +17.7%


📍 As the financial cushion built in pandemic begins to decline, consumers put balance back on their cards.


📍 In the backdrop is the strong job market - latest unemployment rate is still 3.5% with ~10 million jobs open.



What do you think the Q2 numbers will be?


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