Read our full analysis for a more in-depth look at these trends.
Consumer Checkpoint: Consumers hit the back of the net
Are narrowing income gaps, the World Cup and online promotions providing a lift to summer spending?
July 2026
Key takeaways
- Heading into the summer, consumer spending momentum was very strong, with total credit and debit card spending rising 6.3% year over-year (YoY) in June - the strongest growth in over four years - according to Bank of America internal card data. With gasoline prices falling, the increase in spending growth is almost entirely a discretionary story.
- Some of the strength in June was likely driven by online promotions and the FIFA World Cup 2026™. On the latter, we see comparatively strong increases in spending growth in host cities versus other US cities, particularly in food services.
- There has been a notable convergence in both wages and spending across income cohorts in recent months. In June, lower-income households' after-tax wage growth rose above that of middle-income households. Whether these trends persist into the second half of the year will hinge on whether underlying labor market momentum is sustained.
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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