Synchrony reported on April 28, 2025, that spending among its customers fell by 4% in the first three months of the year. This contrasts with a 6% spending jump at American Express and a similar rise at JPMorgan Chase, which cater to wealthier users.
Synchrony CEO Brian Doubles stated that while the overall consumer is in 'pretty good shape,' they are 'being selective around how they spend.' He noted that lower-income card users began tapering their discretionary and big-ticket expenses about a year ago due to inflation.
This trend indicates a divergence in consumer behavior, with economically vulnerable individuals cutting back on spending. The shift towards essentials and away from travel and entertainment could impact future demand for credit products in Synchrony's target market.
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