Spending Momentum Index (SMI)

Explore the Visa economic indicator based on actual depersonalized and aggregated consumer spending data to understand changes in spend momentum impacting your business.

See how consumers are spending

The Visa Spending Momentum Index gauges the health of consumer spending and overall participation by consumers in driving economic trends. Visa now offers the index in multiple countries and is continuing to expand into new markets, providing a more comprehensive view of global spending momentum.

Visa Global Spending Momentum Index – third quarter 2025 map description

Map of the world showing five spending momentum data ranges that are color-coded. The dark blue represents countries whose spending momentum is contracting, with SMI values below 94, including Philippines, Malaysia, Georgia, Lebanon, Morocco, Nigeria, Pakistan, Qatar, South Africa, Argentina, Mexico, Panama, Trinidad and Tobago, Costa Rica, Bolivia, Bahamas, Cayman Islands, Uruguay, St. Kitts-Nevis, Jamaica, France, Hungary, Iceland, Slovakia. The lighter blue represents countries whose spending momentum is weakening, with SMI values between 94 and 97, including Thailand, Japan, Hong Kong, China, Vietnam, Bahrain, Kenya, Republic Of Serbia, Brazil, Republica Dominicana, Peru, Guatemala, Honduras, Barbados, Chile, Nicaragua, Austria, Cyprus, Czech Republic, Denmark, Greece, Israel, Netherlands, Poland, Republic of Ireland, Switzerland. The very light blue represents countries whose spending momentum is in a steady state, with SMI values between 97 and 103, including New Zealand, Singapore, India, Belarus, Kazakhstan, Kuwait, Oman, Saudi Arabia, Egypt, Colombia, Puerto Rico, Paraguay, El Salvador, Ecuador, United States of America, Canada, Belgium, Bulgaria, Estonia, Finland, Germany, Italy, Lithuania, Malta, Norway, Portugal, Romania, Slovenia, United Kingdom. The yellow represents countries whose spending momentum is strengthening, with SMI values between 103 and 106, including Australia, Indonesia, United Arab Emirates, Sweden. The dark yellow represents countries whose spending momentum is expanding, with SMI values above 106, including Ukraine.

Latest release

Data files for the Spending Momentum Index are available on a monthly basis.

Download the latest North America SMI data

Download the latest global SMI data

How the Visa Spending Momentum Index is different

The Visa Spending Momentum Index analyzes depersonalized transaction data for millions of Visa credit and debit purchases, filling a gap in traditional indicators by tracking cyclical shifts in aggregate consumer spending and delivering a timely, customizable view of spending momentum and trends.

Client solutions

The SMI is a big data indicator of consumer demand that improves and enhances business planning. SMI closely tracks broader consumer spending trends at various geographical levels (city, county, state and region). Additional attributes include two product splits (debit and credit) and four merchant spending segments.

Use the SMI to make informed business decisions

The SMI provides actionable intelligence to help clients make informed business decisions. With the SMI, clients can:

• Track current spending trends
• Identify geographic hotspots to grow their customer base
• Anticipate future employment trends that impact the business
• Benchmark consumers’ economic confidence
• Use the index in other key ways for business advantage

SMI use cases

Here's how businesses can use the SMI to gain powerful insights into global consumer spending trends.

Track growth

Track at the sub-national and regional level where spending is growing and where there is opportunity for new growth in the customer base.

Benchmark credit and debit

Benchmark credit spending momentum against the national SMI. SMI can also benchmark for debit profitability.

Consumer segmentation

Identify consumer segments by demographic and income with the strongest spending growth. Pullback in spending in an income segment such as the affluent could signal a rising risk.

Business cycle trends

SMI provides a valuable economic signal in machine learning models to anticipate key business and economic trends.

FAQ

What is the Visa Spending Momentum Index?

The Visa Spending Momentum Index (SMI) is an economic indicator that provides a timely read on consumer spending. It is based on depersonalized spending data from Visa-branded credit and debit credentials and represents all consumer spending regardless of form factor. Readings above 100 signal strengthening momentum; below 100, momentum weakens. The SMI offers eligible clients a customizable view of consumer spending trends across online and offline purchases.

Is the SMI the same as Visa's total payments volume (or other key Visa metrics)? If not, how does it differ?

No, the SMI differs from Visa's total payment volumes in two important ways. First, the index is based on the count of consumers spending more or less during a given period. Payment volume, in contrast, aggregates spending across those consumers and can be influenced by how many consumers are spending and how much they are purchasing. Second, payment volume statistics are based on spending on all Visa-branded credentials, whereas the index relies on a sample of credentials and therefore does not reflect Visa financial or operational performance.

How can my business use the SMI?

In addition to the national figure that is publicly released, Visa's SMI can be segmented further for business intelligence. Depending on the data customization provided, the SMI can help to inform acquisition, usage, and retention initiatives. It can also be an early indicator of local and national changes in worker incomes and jobs, allowing for timely and comprehensive risk management. Additional industry benchmarking can help give clients a deeper understanding of payment and economic trends.