Consumer Checkpoint: Holiday prep or schlep?

David Tinsley

Joe Wadford

Liz Everett Krisberg

Taylor Bowley

Vanessa Cook

Lynelle Huskey

November 2025

Total credit and debit card spending per household rose 2.4% year-over-year (YoY) in October — the strongest annual growth since early 2024, according to Bank of America aggregated card data. Seasonally adjusted spending rose 0.3% month-over-month (MoM), the fifth consecutive month of gains, with services contributing the most to monthly spending growth for the second straight month.
Holiday shopping is up, but consumers may be paying more for less. Spending on holiday items per household surged 5.7% YoY through October, yet Bank of America card data shows retail transaction volumes have slightly declined since January.
Large gaps continue between both higher- and lower-income households’ spending and wage growth. Higher-income households saw 2.7% YoY spending growth in October, lower-income groups lagged at just 0.7%; after-tax wages increased at 3.7% YoY for higher-income households and at 1.0% YoY for lower-income households.
Across all incomes, households hold more deposits than in 2019, suggesting they are in decent financial shape overall. However, the holiday season will bring some challenges — 62% of respondents to Bank of America’s 2025 Holiday Survey reported feeling financial strain.

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.