2023 Recap - Top Consumer & Economic Trends in Review

Liz Everett Krisberg

David Tinsley

Anna Zhou

Vanessa Cook

Taylor Bowley

Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. In the last year, we've delivered over 80 publications across our three pillars: Proprietary Economic Insights, Sustainability and Transformation.
As the year comes to a close, we've consolidated some of the most insightful charts that we've published along the way.
From domestic migration to moderating wage growth, our 2023 wrap-up serves as a great way to ramp up holiday party chatter and reflect on what we've seen.

Read our full analysis for a more in-depth look at these trends.

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Let’s recap: 2023 at a glance

2 hands holding a digital tablet and a credit card

Holiday shopping and income growth supported consumer spending in November, with younger consumers more driven by promotions.

Panoramic aerial view of a bridge on the Colorado River near Austin, Texas.

The South’s economy has been growing rapidly with consumer spending strong in the third quarter and optimism for next year.

A smiling young couple, with a child, taking a selfie outside their new home.

Home purchasing has slowed for younger generations, especially for older Millennials who are facing rising financial burdens.