As prices on many goods and services continued to climb, people kept spending through the end of summer, according to the Q3 2026 SoFi Tech Solutions Debit Spend Index. Debit spend rose 7.4% and transactions rose 5.9% from Q2 to Q3, and every recurring category grew on both measures. More than 62% of debit transactions in the quarter were digital.

The Q3 Debit Spend Index gives a snapshot of how spending played out for the quarter across five key categories including everyday essentials, subscriptions, the experience economy, travel and back to school.

A warm summer lifted utility bills, gas pump prices climbed 10.7% between July and September, and back to school spending hit its peak. Over the quarter, households put more money toward recurring costs like utilities and fuel and cut back on discretionary spending such as dining out and entertainment.

“Spending patterns reveal the real choices and tradeoffs that people face as budget and price pressures persist,” said Kathleen Pierce-Gilmore, president of SoFi Tech Solutions. “Fintechs, banks and brands that use data to deeply understand people’s needs can help customers do more with their money.”

Q3 Debit Spend Index Trends

Essential bills outgrew everything else

Utility spend rose 20.7% quarter over quarter on 10.8% more transactions, and the average utility payment climbed every month after June to finish 17.2% above that floor, as summer cooling bills stretched budgets. Fuel spend rose 9.9% and fuel continues to take a larger share of debit dollars than groceries, 6.3% against 5.6%.

Price, more than volume, drove growth in recurring billing and subscriptions

Many subscriptions and recurring charges got more expensive, and debit spend grew 9.7% on only 1.3% more transactions, pushing average transaction spend up 8.3%. Telecom led the way, with spend up 18.1% and the average telecom transaction spend 6.5% above Q2. Subscriptions’ share of all debit transactions slipped for a third straight quarter from 16.1 to 15.4%.

Experiences drew more visits with smaller tickets

Experience transactions grew 12.9%, more than double the total debit transaction growth in the index, while the average experience transaction spend fell 4.5% and declined in 11 of 14 subcategories. Higher-priced outings gave up the most, and sports ticketing began ramping up in September as October’s “sports equinox” draws closer.

Back-to-school needs drove a seasonal spending increase on a two-phase trend

Back-to-school and college-related spending rose 40.3% on 21.2% more transactions quarter over quarter. Spending increased 80.5% from July to August – especially on bigger ticket items while September recorded the most transactions of any month in the quarter and the lowest average transaction amount.

View the full Q3 2026 SoFi Tech Solutions Debit Spend Index.

About the SoFi Tech Solutions Debit Spend Index

The SoFi Tech Solutions Debit Spend Index is based on anonymized, aggregated debit transaction data processed through the SoFi Technology Solutions platform during Q3 2026 (July, August and September). Data covers transactions across 300+ Merchant Category Code (MCC) classifications. Quarter-over-quarter comparisons measure Q3 2026 aggregate against Q2 2026 aggregate. Monthly comparisons measure the specified individual months. Average transaction amounts reflect total spending divided by transactions and can change with prices or purchase mix. No individual cardholder data is identifiable.

About SoFi Tech Solutions

SoFi Tech Solutions is the financial technology provider connecting banks, fintechs, and enterprises with innovative banking and processing capabilities to help people get their money right. This division of SoFi delivers modern digital solutions that are cloud-native, developer-friendly and regulation-ready powering exceptional, customer-centric financial experiences across North and Latin America.

©2026 SoFi Tech Solutions, LLC. All rights reserved. SoFi Tech Solutions, LLC is a technology company, not a bank. SoFi Tech Solutions partners with many issuing banks to provide banking services in North and Latin America.

Media gallery

About The Author
Business Wire