Read our full analysis for a more in-depth look at these trends.
Consumer Checkpoint: Strength in numbers
September saw solid spending across many categories and a strong start to the holidays.
October 2026
Key takeaways
- Consumer spending remained very solid in September. Bank of America aggregated credit and debit card spending per household rose 6.2% year-over-year (YoY), or 5.1% excluding gasoline, both the third strongest growth rates over the past four years. Month-over-month (MoM) spending was more muted, especially without gas.
- Spending shows considerable breadth: the vast majority of discretionary retail and services categories are showing growth. Moreover, this strength extends across income cohorts, with the ongoing recovery of lower- and middle-income households' spending growth.
- With the winter months fast approaching, holiday spending is already increasing at a solid rate, though it's still early. In Bank of America deposit data through September, buy now, pay later (BNPL) usage is rising but not at a rate that is overly concerning. However, nearly one in every five households that use BNPL has a repayment of over $500.
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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