BofA Sees Surge of Card Spending by Customers Across All Income Segments

NEW YORK—Bank of America reported credit and debit card spending by its customers during January reached $65 billion for the month, up 16%.

Travel spending increased almost 120% year over year, with retail and food spending also seeing growth. Credit card spending as a whole increased 28%, ZDnet reported.

Spending by low-income consumers (below $50,000 annual income) was up 7%, and spending by high-income consumers (above $100,000 annual income) increased by 23%. The company said this is an indication that the economy is in a good position going into 2022.