Bank of America Data Shows Consumer Spending Remains Resilient Despite Dwindling Pandemic Savings

Total card spending likely up 4.5% year-over-year over past 3 months, per Bank of America forecast

Discretionary spending accounted for over 70% of income for those making $50k-$125k in September

Total spending around Labor Day was up in 2023 compared to previous years

Bank of America data shows no clear signs of cracks yet in consumer spending

Americans likely ran out of excess pandemic savings last quarter, per San Francisco Fed study