Consumer Checkpoint

Overall consumer spending remains stable, but higher housing costs are impacting spending by renters more than homeowners.

Headshot of David Tinsley

David Tinsley

Headshot of Anna Zhou

Anna Zhou

Headshot of Taylor Bowley

Taylor Bowley

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Liz Everett Krisberg

July 2023

Key takeaways

  • Consumer spending continued to stabilize in June. Bank of America aggregated total credit and debit card spending per household declined by 0.2% year-over-year (YoY), in line with the YoY rate in May. The level of seasonally adjusted (SA) card spending per household was unchanged over the last three-month period.
  • Bank of America internal data confirms a wedge has opened between the spending of renters and homeowners. Renters' spending appears to have been sapped by rent inflation, while homeowners have been somewhat insulated from higher interest rates so far.
  • Student loan holders are facing a resumption of payments starting in September. One positive we see in the data is that those with loans tend to have higher incomes, as well as having strong deposit buffers.

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

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.