Consumers are still spending strong entering the holidays

Summary

• Total card spending per household rose 5.8% year-over-year in October 2026.
• Total card spending growth per household excluding gasoline increased 4.6% year-over-year in October 2026.
• Seasonally adjusted month-over-month card spending edged higher from September 2026.
• Most October spending growth originated from services, with retail contributing meaningfully.
• Bank of America Institute data aggregates credit card, debit card, ACH, wires, bill pay, business/peer-to-peer, cash, & checks from US Retail, Preferred, Small Business, & Wealth Management clients.
• Per household spending data includes only households completing at least five transactions with Bank of America cards in the month.
• The 2026 Holiday Spending Survey was conducted online between September 10–12, 2026, with 2,062 respondents.
• Household income terciles are determined by quantitative estimates bucketed into lower, middle, & higher categories.
• Generational definitions include Gen Z (born after 1995), Younger Millennials (1989–1995), Older Millennials (1978–1988), Gen Xers (1965–1977), Baby Boomers (1946–1964), & Traditionalists (pre-1946).
• Store categories are classified as more discretionary (furniture, electronics, building materials, hobbies, miscellaneous stores, nonstore retail, clothing), partly discretionary (auto, health, personal care, general merchandise), & mostly necessity (gasoline, food, beverage).
• Holiday spending is defined as items where November–December spending typically accounts for at least 20% of total annual spending in the category.
• Small business clients in the report are defined as those with under $5 million in annual sales revenue.
• Data excludes corporate card spending & is not adjusted for seasonality, processing days, or portfolio changes unless otherwise stated.