SoFi Technologies reported a broad-based increase in debit card spending across all tracked categories during the second quarter of 2026, with fuel expenditures rising at the fastest pace.
Fuel spending jumped 28.2% from the prior quarter, surpassing groceries to become the largest component of essential spending. The shift coincided with U.S. gasoline prices reaching a four-year high early in the quarter, driven by elevated global oil prices. Average grocery transaction values, by contrast, declined 3.1% over the same period.
Travel-related spending expanded 21% from Q1 on 17.4% more transactions, led by a 22.2% rise in car rental transactions. Hotel spending climbed 17.7%, while airline transactions increased 10.7%.
Entertainment and experiences led category growth with a 23% increase from the first quarter, supported by a 23.2% rise in transactions. Movie theater spending surged 92.9% on 84% more transactions, while tourist attraction spending grew 43%. Sporting event transactions rose 50%, with spending up 42%.
Subscription spending increased 8.5% on 6.1% more transactions, though the average recurring charge edged up just 2%. Subscriptions accounted for 16.1% of tracked debit transactions, down from 17.2% in Q1.
Payment method trends showed saved cards—stored in apps or accounts—becoming the most-used debit payment option, representing 25% of transactions and 30.5% of spending by dollar value in Q2. Contactless tap-to-pay gained the most ground, adding 2 percentage points of transaction share.
