US shoppers are making fewer purchases but spending significantly more when they do buy, as inflation and increasingly selective shopping habits reshape consumer spending.
Transactions fell 7% year-on-year in the first half of 2026, while average order value jumped 16% from $111 to $130, according to impact.com’s 2026 Mid-Year Industry Benchmark report. Overall consumer spending still increased 8%.
But rising prices tell only part of the story. While online prices increased by around 2%-3%, shoppers paid 13% more per item, suggesting consumers are increasingly trading up to more expensive products rather than simply paying more for the same goods.
The study, covering 2,319 same-store US retail brands, also found shoppers are researching more before committing to a purchase, with clicks rising 6% while conversion rates fell 12%.
Partner dynamics and brand response
Loyalty and Rewards partners are thriving, increasing their contribution to consumer spending from 51% to 54% and remaining the largest partner contributor.
Technology Solutions partners also grew (+15% YoY in transaction volume), proving that lower-funnel, high-intent channels win when shoppers are cautious. Voucher and Coupon partners lost ground, dropping from 11% to 5% of consumer spending.
The shift signals that partner roles are specialising by funnel stage. Brands are responding by rewarding partners who convert: total brand spending grew 10% year-over-year, outpacing consumer spending growth of 8% YoY.
They’re shifting away from fixed-cost models (down 19% YoY) and doubling down on performance-based commissions (up 14% YoY), now representing 90% of total brand spend.
Trading up vs. trading down
Categories are splitting into two distinct consumer behaviours. Computers & Electronics surged 38% YoY in consumer spending through volume—46% more transactions despite AOV dropping 6%.
In contrast, Apparel, Shoes & Accessories saw a 17% AOV increase, offset by an 11% transaction decline, showing consumers buying less often but choosing pricier options.
Arts & Entertainment also exceeded the 8% consumer spending growth benchmark through trading-down behaviour. The brand implication: one partner strategy doesn’t fit both.
Trading-up categories need partners focused on premium positioning; trading-down categories need partners optimised for volume and value messaging.
Impact.com CMO, Cristy Garcia, points to what this deliberate consumer behaviour means for brands: “Inflation is real, but what’s more interesting is what consumers are doing about it. They’re not just paying more for the same stuff, they’re being deliberate about quality. That requires brands to rethink their partnerships.
“We’re seeing a clear shift toward performance-based models because they work: they reward partners who can actually convert shoppers in a more competitive landscape. Discounts alone don’t cut it anymore. What wins is when you have the right partners at the right moment of intent.”