The market winced. Business spend held firm.

The Coupa Business Spend Index™ Quarterly Update

Coupa

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COUPA BUSINESS SPEND INDEX™ REPORT Q3 2026 EDITION

Economic Insight Based on Real Spend, Not Survey Data

The Coupa Business Spend Index™ (BSI) Report turns real business spend into a clear signal of economic momentum. Most indicators are composed of sentiment surveys and lagging data. The BSI supplements your read on the economy with a real spend indicator that shows what companies are actually doing with their money.

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Corporate spend holds through stock market shocks

Section 1

High Technology:
The stock market winced, but buyers held firm

The Nasdaq corrected −13.2% between late October 2025 and the end of March 2026; while the High Technology BSI set new highs in five of six months and ended June 2026 6.5% above December 2025. 

Q3_Coupa-Business-Spend-Index

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Section 2

Manufacturing:
Bought their way into stability

Manufacturing

In late 2025, manufacturing purchasing surged as businesses restructured, which appears to have helped them absorb the shocks of the last six months; every 2026 month sits above the entire 2024-to-mid-2025 range.

Section 3

Business Services:
Committed to spend by their customers

Business Services

Its contracts are claims on other sectors' transformations, and the plateau established in January 2024 held through the first half of 2026; May and June then printed above the entire 2025 range. Higher prices — not higher transaction volumes — drove the spend elevation across this and every other sector during the half.

Section 4

Healthcare & Life Sciences:
Contraction by government action

Healthcare

Governing commitments were rewritten — the fee schedule, the grant flow, the subsidy expiry — so this is the one sector whose spending moved, contracting through six months in which the broader economy expanded. That is what proves the flat lines elsewhere are findings, not smoothing artifacts.

Section 5

Financial Services:
A stable band defined by regulators

Financial Servies

The sector that sat out the acceleration stayed out of it: A steady, elevated baseline extended to a series high in April 2026, then eased modestly through July.

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