Bank of America’s approximately 67 million customers made $294 billion in total payments in February, a 16% increase over February 2021. This follows a 5% increase in total payments in February 2021 when compared to pre-pandemic levels in February 2020.
“We saw a strong continuation of payment and spending trends in February, another positive sign of the strength of US consumers,” said Mary Hines Droesch, Head of Consumer and Small Business Products at Bank of America. “Strong spending trends across a variety of sectors such as travel, restaurants, public transportation and gym memberships suggest more consumers are returning to the office and resuming more in-person activities.”
- Bank of America clients’ combined credit and debit card spending reached $63 billion in February, up 21% compared to February 2021. Total credit and debit transactions were up 15% year-over-year, indicating continued strong demand for goods and services.
- Travel spending on credit and debit cards was up 95% y-o-y, with airline spend up 153% y-o-y; and spending at travel agencies up 147%, led by Boomers and Seniors.
- Spending at restaurants and gyms was up 38% and 43% respectively in February 2022 vs. February 2021, as clients resumed more in-person activities, with Gen Z/Millennials driving growth.
