Read our full analysis for a more in-depth look at these trends.
Consumer Checkpoint: Sunny days
Consumers remain resilient, as lower- and middle-income households’ spending and wage growth accelerates.
June 2026
Key takeaways
- Consumer spending momentum is remarkably robust, with total card spending rising 5.1% year-over-year (YoY) in May - the strongest growth in nearly four years, according to Bank of America internal card data. Moreover, growth isn't just gasoline-driven - underlying spending remains firm across both goods and services.
- Notably, the gap across income cohorts has also narrowed significantly in both spending and wage growth, but some of this could reflect the impact of FIFA World Cup 2026™, so we remain cautious about whether this convergence will persist into the latter part of 2026. Additionally, while we see little sign of shifts in consumer behavior that would suggest weakness, some consumers are making more trips to the store, perhaps on the hunt for bargains.
- Consumer financial health remains strong, with no clear signs of households resorting to borrowing to support spending. While the savings rate has fallen, households' level of savings is relatively elevated. And the seasonal upswing in deposit balances from tax refunds has been larger in 2026 than it was in 2025.
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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