Read our full analysis for a more in-depth look at these trends.
Consumer Checkpoint: Still sizzling
August spending remained robust as consumers sought value, income groups converged and household finances stayed healthy.
September 2026
Key takeaways
- Consumer spending remained solid in August. Total card spending per household rose 0.9% month-over-month and 4.5% year-over-year, according to Bank of America internal data. Discretionary services continue to provide a steady foundation for this growth, despite moderation in a few categories.
- Consumers still appear to be focused on value. Spending at general merchandise and big-box retailers continues to outperform more traditional retailers, as evidenced during the back-to-school season. This suggests households are actively seeking lower-cost alternatives while maintaining spending.
- Spending and wage growth have largely converged across income groups, though across generations, the largest "K" shape remains among Millennials. Household finances also remain healthy, with credit card utilization declining across most age and income cohorts. Lower- and middle-income households still hold elevated deposit balances across all age groups, suggesting spending should remain resilient.
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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