Weekly Spending Update

BofA credit and debit card data shows total card spending per household rose 4.8% y/y for the week ending May 16. Despite a slight deceleration due to Mother's Day timing, consumer demand appears resilient.

Key Takeaways

• 1.Total card spending per household increased by 4.8% y/y for the week ending May 16, showing resilience despite a slight slowdown.
• 2.The shift in the timing of Mother's Day compared to the previous year likely weighed on the year-over-year growth figures for the reporting week.
• 3.Higher-income households are currently experiencing stronger spending growth than other income cohorts when excluding gas.

Table of Contents

• Key takeaways
• Exhibit 1: Total card spending growth per HH slowed in the week ending May 16
• Exhibit 2: Ex-gas spending in the week ending May 14 was up a solid 4.5% y/y
• Exhibit 3: Higher-income households continue to see stronger growth
• Disclaimer
• Methodology explained
• Disclosures
• Research Analysts

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial