According to the Bank of America Research Institute, the year-on-year increase in US credit and debit card spending in October was the biggest since the beginning of 2024, reflecting strong demand from high-income households and the impact of rising prices. According to the study, household spending increased 2.4% year-on-year in October, based on credit card data compiled by Bank of America. Compared with September, credit card spending increased 0.3% month-on-month, achieving the fifth consecutive month of growth. At the same time, part of the increase in retail spending may reflect more price increases than increased transaction volume. According to the data, the overall inflation rate in September was 3%. Despite a slight increase in the number of retail transactions in October, it is still below the level of earlier this year. Furthermore, spending by high-income households is growing faster than that of low-income groups. According to the research institute, this gap is mainly due to stronger wage increases for high-income people, while wage increases for other groups are generally lower.

According to the Bank of America Research Institute, the year-on-year increase in US credit and debit card spending in October was the biggest since the beginning of 2024, reflecting strong demand from high-income households and the impact of rising prices. According to the study, household spending increased 2.4% year-on-year in October, based on credit card data compiled by Bank of America. Compared with September, credit card spending increased 0.3% month-on-month, achieving the fifth consecutive month of growth. At the same time, part of the increase in retail spending may reflect more price increases than increased transaction volume. According to the data, the overall inflation rate in September was 3%. Despite a slight increase in the number of retail transactions in October, it is still below the level of earlier this year. Furthermore, spending by high-income households is growing faster than that of low-income groups. According to the research institute, this gap is mainly due to stronger wage increases for high-income people, while wage increases for other groups are generally lower.