Read our full analysis for a more in-depth look at these trends.
April showers haven’t dampened spending yet
Spending remains solid following the implementation of tariffs, with signs of continued buying ahead – especially vehicles.
April 2025
Key takeaways
- Consumer spending momentum was positive, but moderated, in March, according to Bank of America aggregated credit and debit card data. But has increased economic uncertainty and the equity market sell-off dampened spending in April? It appears not so far.
- Total card spending growth has remained robust over the first three weeks of April. Some of this strength reflects spending on durables, which has also continued into this month. Auto loan applications and a proxy for purchases, highlights that vehicles were a particular "buy ahead" focus.
- The sell-off in equity markets appears to have had few "wealth effects" yet, with the top 5% of households showing no signs of a pullback in spending. That said, it's early days, and these impacts are likely to come through slowly.
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