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Aggregated Bank of America Credit and Debit Card Spending Continues to Increase, with total spending up 11% year over year in June

Published: 2022-07-07 11:34:00 ET

While Consumer Sentiment has Weakened, Household Balance Sheets Remain in Good Shape

NEW YORK, July 7, 2022 /PRNewswire/ -- The Bank of America Institute published a new article today which shows consumer spending continues to demonstrate some signs of resiliency despite a backdrop of rising inflation. Total aggregated Bank of America credit and debit card spending was up 11% year over year in June, compared to 13% and 9% in April and May year over year respectively. Spending growth per household increased 3.3% year over year in the 28 days prior to June 30. Gas prices continue to squeeze consumers but spending on services such as travel and entertainment is still boosted by pent-up demand. The labor market remains supportive of consumers, and their balance sheets are in good shape.

Highlights of the publication:

Aggregated Bank of Americacredit and debit card spending was up 11%in June year-over-year; within this, credit card spending rose by 16% year over year, while debit card spending increased by 6% year over year
Aggregated Bank of America credit and debit cardspending growth per household has been slowing, up 3.3% year over year in the 28 days prior to June 30, lagging broader economic indicators such as the Consumer Price Index and Personal Consumption Expenditure. Some of this slowdown may be due to the waning of the boost from pent-up demand for vacations.
Average gas spending as a share of total card spending per household rose to 9.8% in June for lower-income households (

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.