BofA Consumer Checkpoint: Total credit and debit card spending per household rose 4.3% Y/Y marking the strongest growth since early 2023
- Higher gasoline prices powered some of the increase, with spending at the pump surging 16.5% M/M
- However, total card spending excluding gasoline still saw healthy growth at 3.6% Y/Y
Context
The latest BofA Consumer Checkpoint shows total credit and debit card spending per household increased by 4.3% year-over-year, driven significantly by higher gasoline prices, which surged 16.5% month-over-month. Notably, even when excluding gasoline, spending remained robust at 3.6% year-over-year, indicating a resilient consumer sector that could support economic growth. This data suggests positive momentum for consumption, which is crucial for policymakers considering the growth-inflation mix.
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