Bank of America aggregate credit and debit card spending was up 11% YoY in March.
Credit card spending rose by 21% YoY, while debit card spending increased by 4% over the same time period.
YoY card spending has slowed from February, largely due to the comparison period this time last year: in March 2021 the third Economic Impact Payment (‘EIP3’) started to be paid to eligible adults and as a result there was a wave of pent-up spending in that month last year. Spending remains strong relative to pre-pandemic levels, according to Consumer Checkpoint, a new regular publication from the Bank of America Institute.
Spending on leisure is back. Bank of America credit and debit card spending has rebounded strongly in travel and leisure activities since the ebbing of the omicron wave. Airline spending was 91% higher YoY, while restaurant spending rose by 17%.
Card spending on gasoline was 41% higher than the same period a year earlier. This is clearly being driven largely by rising prices at the pump.
Robust consumer spending spans all income groups. Bank of America credit and debit card spending per household by lower-income consumers (<$50K) was up 4.0% relative to the same 28-day period in 2021.
