The surging inflation led to the Federal Reserve raising the benchmark interest rates four times this year. While the rising prices dampened consumer sentiment, a shifting spending trend led Americans to continue spending on travel, retail, and technology.
According to the Bureau of Economic Analysis. Expenditures on foreign travel were 89.3% higher in June than at the beginning of the year. This trend is expected to benefit payment stocks PayPal Holdings, Inc. (PYPL) and Visa Inc. (V) with increased spending through their platforms.
