- Aggregate Bank of America credit and debit card spending increased by 9% in May1 Year after year; within this, credit card spending increased 16% year over year, while debit card spending increased 4%.
- Total payment growth across all channels increased by 6% year-over-year in May from sources such as Electronic Payments, Automated Clearing House (ACH), Cards, Billpay, etc., while overall transaction volumes increased by 8% Year after year.
- Gas spending as a share of total card spending jumped to 7.8% for the weekend May 28, compared to 6.4% in February; low-income consumers ($50,000/year), the average share of gas expenditure rose to 9.5%.
- Spending per household increases by region, with the South outpacing the rest of the country while the Midwest trails year over year. For example, compared to the 4.3% year-over-year increase in average spending per household in May nationally, Miami spending by residents increased by 6.8% while Chicago resident spending increased per household by 1.4%.
“Our chart data shows continued growth in consumer spending, but inflation is testing household purchasing power,” said David Tinley, senior economist for the Bank of America Institute. “That said, spending on services like travel and entertainment remained strong and households continued to have higher savings than before the pandemic. Overall, we still remain cautiously optimistic for the American consumer.”
Read the full consumer checkpoint for more details.
Bank of America Institute
The Bank of America Institute is dedicated to uncovering powerful ideas that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analysis from across the bank and the world to provide timely and original insights on economic, environmental, social and governance (ESG) and global transformation. The Institute taps into the depth and breadth of the bank’s proprietary data, sourced from 67 million retail and small business customers, 54 million verified digital users, $3.8T of total payments in 2021 and $1.4T in consumer deposits and wealth management. From this solid data set, the Institute offers a unique perspective on the health of the economy. It also elevates thought leadership across the bank that addresses long-term trends and shares those findings with the general public.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,100 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with approximately 54 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.
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Melissa AnchanBank of America
1 Data on card expenditure by household covers the first 28 days of May. Any other reference to the month of May refers to data up to the end of the month.
SOURCE Bank of America Corporation