Consumer spending remained hot throughout the summer

Summary

• Total card spending per household rose 4.5% year-over-year in August.
• Total card spending per household excluding gasoline increased 3.7% year-over-year in August.
• Seasonally adjusted total card spending per household increased 0.9% month-over-month in August.
• The 4.5% year-over-year growth rate in August was more than four times last year's average pace.
• Month-over-month spending accelerated to 0.9%, indicating renewed momentum.
• Americans are ramping up discretionary spending across goods and services.
• The data is derived from aggregated and anonymized Bank of America credit and debit card transaction data.
• Per household spending growth includes only households completing at least five transactions with Bank of America cards in the month.
• Overall total card spending growth includes small business card spending, while per household spending does not.
• Income terciles for lower, middle, and higher households are based on quantitative estimates and periodically re-assessed.
• Generations are defined by birth years, with Gen Z born after 1995 and Traditionalists born pre-1946.
• The report was published on 14 September 2026 by the Bank of America Institute.