BofA institute Total Card Spending (w/e Mar 21) +4.4% W/W (vs +3.2% Feb average)
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BofA institute Total Card Spending (w/e Mar 21) +4.4% W/W (vs +3.2% Feb average)
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- Lower income households are driving the slowdown in the Y/Y ex-gas card spending while high household income spending remains largely stable.
Context
This week's BofA Institute data shows total card spending rising 4.4% week-over-week, surpassing the February average of 3.2%. The divergence in spending patterns highlights that while lower-income households are tightening their belts, higher-income groups continue to maintain stable spending. This trend may suggest a widening economic disparity, impacting future consumer demand dynamics and possibly influencing monetary policy as it relates to economic growth.
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