Spending on Services, including Travel, Entertainment, and Dining, up 20% compared to pre-pandemic levels
NEW YORK, May 5, 2022 /PRNewswire/ — The Bank of America Institute today released its findings from the latest Consumer Checkpoint, which aims to provide a holistic and real-time estimate of US consumers’ spending and their financial well-being, leveraging the breadth and depth of Bank of America proprietary data from its 67 million consumer and small business clients.
Highlights of the publication:
- Aggregate Bank of America credit and debit card spending was up 13% in April year-over-year; Within this, credit card spending rose by 22% YoY, while debit card spending increased by 6%.
- Overall card spending per household is up 23.7% Relative to pre-pandemic levels (2019), with spending on this measure amongst lower-income households up 33.1%.
- Total payments growth across all channels was up 25% year-over-year in April, with growth elevated due to timing of tax payments compared to 2021.
- Overall transactions were up 8% year-over-year, a more normalized indication of overall consumer health.
- Spending at airlines and travel agencies was up 60% year-over-year, and Spending at event ticket agencies was up 140%.
“While higher inflation naturally leads to higher spending, it is clear from our data that consumer strength goes beyond this as the amount spent on credit and debit cards is outpacing the rate of inflation,” he said. David Tinsley, senior economist for the Bank of America Institute. “Overall, our data continues to paint a healthy picture of the US consumer.”
Read the full Consumer Checkpoint for additional details.
Bank of America Institute
The Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyzes from across the bank and the world to provide timely and original perspectives on the economy, Environmental, Social and Governance (ESG), and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from 67 million consumer and small business clients, 54 million verified digital users, $38T in total payments in 2021 and $1.4T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other and risk management products and financial services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking 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 corporations, governments, institutions and individuals around the world. Bank of America offers 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 clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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SOURCE Bank of America Corporation