Consumer Checkpoint

Consumers remain resilient, as lower- and middle-income households’ spending and wage growth accelerates.

April spending growth rose to multi-year highs, but there are signs of stress beneath the surface for some households.

Consumer spending showed broad-based strength in March, with solid gains beyond the gas surge across retail and services.

February spending snapped back strongly, even as wage gaps keep the K-shape firmly in place.

Overall consumer spending strength endures despite affordability issues and gaps across income groups.

Consumers ended 2025 on a strong note and tax refunds may provide a further boost to spending over 2026.

Seasonal shopping trends underscore continued resilience, though tradeoffs and price sensitivity remain a key factor.

Consumer spending rose again in October, but price hikes and moderating wages suggest strain for some lower-income households.

Consumer spending has risen, but the gap between lower- and higher-income households remains pronounced.

Spending and wage growth continue to diverge for higher- and lower-income consumers.

Consumer spending increased again in July, but a gap is widening between lower- and higher-income households.

Consumer spending rebounded in June, but services spending fell for the third consecutive month. 

While their wage growth remains positive, younger generations’ spending has decelerated and their use of buy now, pay later is up.

Consumers continue to show moderate spending momentum, with most being in good financial health.

Consumers continued spending in March, but tariffs, slowing wage growth and inflation may pose headwinds.

Consumers show forward momentum, but at a measured pace as they balance grocery prices, policy changes and easing wage growth.

The financial health of consumers looks solid, though rising auto payments may be a risk if the economy deteriorates.

Small business profitability has picked up along with hiring, but persistent cost pressures continue to constrain growth.

Why have lower-income households accounted for a larger share of retail spending but also traded down the most?

Payroll growth strengthened in June as unemployment trends improved and lower-income wage growth accelerated.