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Bank of America Consumer Clients Make $335 Billion in Payments in January, up 17% Year-Over-Year

Published: 2022-02-07 13:00:00 ET

Continued Strong Consumer Spending Drives Second Highest Month on Record; Builds Upon Record Full-Year Spending in 2021

CHARLOTTE, N.C., Feb. 7, 2022 /PRNewswire/ -- Bank of America today announced their approximately 67 million consumer clients made $335 billion in total payments during January, a 17% increase over January 2021 and the second highest month of spending on record. This follows a 5% increase in total payments in January 2021 when compared to pre-pandemic levels in January 2020.

January marked a continuation of significant consumer spending in 2021. Bank of America consumer clients made a record $3.8 trillion in total payments during all of last year, an increase of 24% over pre-pandemic levels in 2019 – this included a record fourth quarter of payments totaling over $1 trillion, up 28% over 2019, as well as record spending during the November and December holiday season.

"Bank of America consumer clients continued their strong payment trends in January, following record levels in 2021," said Mary Hines Droesch, Head of Consumer and Small Business Products, Bank of America. "Our clients' checking and savings deposit balances were also up 15% year-over-year, growing across all levels of affluence. These trends bode well for the economy as we move further in 2022."

Additional January Payments Trends

Bank of America clients' aggregate credit and debit card spending reached $65 billion in January, up 16% compared to January 2021.
Spending on credit cards grew 28% compared to January 2021 as spending on travel, retail and food strengthened from suppressed levels early last year.
Looking more closely at travel, credit card spending increased by nearly 120% year-over-year, a sign of consumers' willingness to book future travel plans. Air travel saw an increase of over 160% year-over-year across all age cohorts; meanwhile, hotel and home sharing spend grew over 75% - with Boomers+ leading hotel spending, and Gen Z and Millennials leading home sharing spending.
For the month of January, credit and debit card spending by lower income consumers (

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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.