Institute Insights — 07-12-2026

Summary

• Total credit and debit card spending rose 6.3% year-over-year in June, marking the strongest growth in over four years.
• Discretionary purchases drove most of the spending advance as gasoline prices fell.
• Temporary factors including online promotions and the FIFA World Cup 2026™ likely boosted June spending strength.
• Gaps in wage and spending growth across income groups narrowed during the period.
• Payrolls grew 1.7% year-over-year in June with gains evident in both FIFA World Cup 2026™ host cities and non-host cities.
• Unemployment payments into Bank of America customer accounts continued to soften, indicating resilient labor market conditions.
• After-tax wage growth for lower-income households rose to 4.1% year-over-year, exceeding the 3.4% growth for middle-income households.
• Wedding-related spending climbed 8.5% year-over-year in 2026, extending a multi-year upswing.
• May and October are the peak months for weddings according to internal data.
• The number of weddings among Gen Z has roughly tripled since 2019.
• Fewer consumers are making formalwear purchases while some are turning to alternatives such as lab-grown diamonds.