With the spending downturn set to worsen, based on early April results, Discover's recent growth streak could take a major hit. In its month-to-date results for April, Discover noted that spend in every category except for groceries fell annually, with the worst impacts being felt in gas and restaurants and travel — three key categories for card networks.
Though there's still lingering uncertainty about what the next few months might look like, the figures don't paint a rosy picture for Q2. And for Discover, which had been posting consistent quarterly growth on an annual basis and was on the way to , such a decline could shift the brand's outlook considerably, though recent growth in the brand's business-to-business offerings might help temper some declines, per its earnings.
Though the brand is undertaking considerable efforts to mitigate risk and maintain spend, the results should serve as another warning for card providers. Discover isn't alone in these trends, and it's likely other card networks will see similar or worse downfalls this year, leaving providers to compete for a waning share of spend while minimizing the risk of charge-offs.
Discover is tightening underwriting for new customers, minimizing balance transfers, and taking other steps related to credit line management to reduce its risk.
Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. >>, Business Insider Intelligence's expert email newsletter keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >>
I guess they will......DISCOVER....it soon😃😂😁😀😊☺😆
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