How are middle-income consumers doing?

While this cohort’s spending lagged the average over the pandemic, there are signs of a catch-up at the start of 2023.

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David Tinsley

May 2023

Key takeaways

  • Bank of America credit and debit card spending per household by middle-income consumers lagged the average over the pandemic. Their discretionary spending was particularly soft, with limited access to service sector activities as one explanation.
  • However, there are signs of a catch-up at the start of 2023, with middle-income services spending looking fairly solid — and perhaps enjoying a good meal out once more.
  • Can this persist? Well, the Bank of America Propriety Market Landscape Insights Study suggests middle-income consumers feel fairly confident near-term and still have financial buffers to draw on should economic headwinds start to blow harder.

Read our full analysis for a more in-depth look at these trends.