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Synchrony: Broad-Based Consumer Spending Drives Q3 Purchase Volume to Record High

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Synchrony: Broad-Based Consumer Spending Drives Q3 Purchase Volume to Record High

Consumer financing company Synchrony saw record third-quarter purchase volume, with both discretionary and non-discretionary out-of-partner spend on its consumer co-branded cards growing by double digits, Synchrony President and CEO Brian Doubles said Tuesday (Oct. 20) during an earnings call.

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The purchase volume increased 8% year over year to reach $49.7 billion, the highest third-quarter level ever seen by Synchrony, according to a Tuesday press release.

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“Strength in discretionary spend came from categories like electronics and entertainment, while in non-discretionary, gas station and discount store spend grew fastest,” Doubles said.

The purchase volume was broad-based, as Synchrony saw increases across all five of its sales platforms, Doubles said. Compared to the same quarter last year, purchase volume was up 13% in Diversified & Value, 9% in Home & Auto, 6% in Lifestyle, 5% in Digital and 3% in Health & Wellness, according to a financial results presentation released Tuesday.

Doubles attributed the growth in part to higher gas prices in the Diversified & Value platform, the performance of select furniture retailers and the impact of higher gas prices in Home & Auto, strength in apparel and luxury in Lifestyle, strong customer engagement across partners in Digital, and growth in the pet category in Health & Wellness.

Doubles also pointed to the impact of new partners and new programs.


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