September 29, 2022

Q2 2022 spending benchmarks: where companies are cutting costs

It’s no longer a growth-at-all-costs environment—but that doesn’t mean the need for business growth has completely disappeared. 

As a result, in Q2, we see companies trying to strike a delicate balance between growth-oriented spending and cost cutting measures for potentially tough times ahead. Our newest report, 2022 Q2 spending benchmarks, sheds light on the tough tradeoffs that finance leaders are being asked to make. 

What you’ll find

Data on how business spending has shifted quarter-over-quarter

Spending in Q2 grew at a faster rate than in Q1. But while we saw transaction volume rise in most major categories, there were some notable exceptions. Companies held back on electronic spending, and fluctuating transaction volume month-over-month reflects uncertainty about the economy.

A closer look at how spending priorities change with company size

Differentiated spending patterns emerged when we cut expenses by company size. SMBs invested in general merchandise and T&E, but cut back drastically on electronics. Mid-market companies also saw a sharp increase in T&E spend while keeping their ad spend flat. Enterprise companies balanced increases in shipping and software expenses by reducing professional services. 

Insights on how companies are adjusting their ad spend

Overall share of ad spend dropped 3.4pp on Ramp cards as compared to Q2 of 2021. Mid-market companies were the biggest driver of this decline, indicating that they are aiming to curb growth-related expenses. On the other hand, we saw enterprise ad spend tick up in the second quarter, with the average customer increasing spend by 17.7% in Q2.

Signs of optimism and uncertainty in T&E spending  

On average, companies spent 46.7% more on T&E in Q2 vs. Q1. But that’s not the whole picture. While T&E transaction volume rose across the board, the average size of entertainment transactions decreased for nearly all business segments, indicating more discerning budgetary requirements for most companies. In June, we also saw companies tightening total allowable spend on business trips.

Get the full report

As you start to prepare your 2023 budget, download our report to see how your company’s spend compares with other businesses of your size or industry. Where do you need to trim costs? Where can you afford to spend more to stay on par with your peers’ investments? At Ramp, we’re committed to providing you with the financial intelligence and tools you need to optimize spend and drive long-term stability and success. 

Learn how Ramp strengthens your finances

Error Message
No personal credit checks or founder guarantee
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Head of Content, Ramp

Fiona brings over 10 years of content experience in product design, marketing, and support. Prior to Ramp, she led content teams at Google,, and Intercom.

More Resources
View All
No items found.
View All

How Webflow streamlined operations and saved with Ramp

How we help Candid establish a global presence

How we help FirstBlood close their books 150% faster

How we help Elementus save 80 hours per month

How we helped Eight Sleep launch a new product with Ramp Flex

How we helped Causal save 10 hours/month closing the books with Ramp

How we helped Bubble streamline operations and save $90k+ with Ramp Bill Pay

See how Ramp helps different industries save time and money

No items found.

Learn more about Ramp

Streamline approvals.
Review requests, pre-approve expenses, and issue general expense cards in a few clicks – or directly in Slack. Delegate approvals and empower your team leads to spend on the things they need and control their team’s expenses.
Learn more
Issue instant cards.
Unlimited virtual and physical cards with built-in spend limits, instantly available for everyone in your team. Define spend rules and let your smart cards enforce your policies automatically. No more surprises or under-the-radar spending.
Learn more
See spend as it happens.
Stop waiting on monthly statements or manual spreadsheets. Find, browse, and download real-time transactions from any employee, department, or merchant – on any device.
Learn more
Close your books 5x faster.
An accounting experience by finance teams, built for speed and efficiency. Automate manual processes and start enjoying instant reconciliation – Ramp does all the heavy lifting.
Learn more
Trim wasteful spend.
Ramp analyses every transaction and identifies hundreds of actionable ways your company can cut expenses and alerts your team via email, SMS, or Slack. It’s like having a second finance team, laser-focused on cutting costs.
Learn more
Consolidate reimbursements.
Ramp makes it easy to reimburse your employees for any incidental out-of-pocket expenses. Review, approve, and pay employees back for anything that didn’t make it onto a card with the rest of your Ramp transactions.
Learn more

Get fresh finance insights, monthly

Time and money-saving tips, straight to your inbox
Thanks for signing up
Oops! Something went wrong while submitting the form.
No, thank you