US consumer spending remained solid in September, BofA says
SPY•US household credit and debit card spending rose 6.2% year over year in September, or 5.1% excluding gasoline, its third-strongest annual growth rate in four years, a Bank of America Institute report said.
1. Spending gains broadened
Aggregate credit and debit card spending per household rose 6.2% from a year earlier in September, or 5.1% excluding gasoline. Retail spending excluding gasoline increased 3.5%, while services spending climbed 5.4%, with most discretionary retail categories posting gains.
2. Lower-income households
Spending grew 5.5% among lower-income households, 4.9% among middle-income households and 4.8% among higher-income households. Only the top 5% of earners spent faster, with growth of 5.9%.
3. Holiday and BNPL trends
Holiday-related spending in September was ahead of comparable periods in 2025, though some of the increase may reflect higher prices rather than stronger purchase volumes. Bank of America said 8.3% of households in its deposit data made a buy-now, pay-later payment in September, with usage rising gradually but showing no signs of a sharp acceleration.
