Payments

Bank of America sees positive signs in spending data

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August 12, 2022

The Bank of America Institute has found that despite recession fears, consumer spending remains healthy. Its report found total payments increased 7% year over year in July, according to a press release.

Other findings include:

• Card spending per household increased 5.3%.
• Average gas spending fell to 9.3% in June.
• Rent increased by 16% year-over-year for Gen Z compared to 3% for boomers.

"Our internal spending and payments data suggests consumers are not wilting in this summer heat," Anna Zhou, economist for the Bank of America Institute, said in the release. "While wallets are getting squeezed for the 34% of US households who are renters, relief from lower gas prices and retail promotions encouraged consumers to continue to spend throughout July."