Read our full analysis for a more in-depth look at these trends.
Consumer Checkpoint: Merry but measured
Seasonal shopping trends underscore continued resilience, though tradeoffs and price sensitivity remain a key factor.
December 2025
Key takeaways
- Total credit and debit card spending per household slowed to 1.3% year-over-year (YoY) in November, according to Bank of America aggregated card data, indicating solid growth but at a less robust rate than October. Seasonally-adjusted (SA) spending growth per household was flat month-over-month (MoM).
- Large gaps persist between both higher- and lower-income households’ spending and wage growth. Higher-income households increased spending by 2.6% YoY, while lower-income groups lagged behind with a gain of just 0.6% YoY. After-tax wage growth ticked up to 4% YoY for higher-income households and at 1.4% YoY for lower-income households.
- Spending on holiday items was strong in October and November, but slowed around Black Friday and Cyber Monday, suggesting some consumers may have started early, possibly to search for deals and discounts.
- Overall, consumers’ finances appear to remain healthy, with little indication that people have become overly reliant on credit cards or alternative payment methods like buy now, pay later (BNPL). However, Bank of America card data suggests that a small, but rising share of retail spending is via BNPL.
Consumer Checkpoint is a regular publication from Bank of America Institute. It aims to provide a holistic and real-time estimate of U.S. consumers’ spending and their financial well-being, leveraging the depth and breadth of Bank of America proprietary data. Any such Bank of America proprietary data is not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions or performance of Bank of America.
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