U.S. consumer credit and debit card spending so far in 2022 is up 15 percent on a year earlier, Bank of America research showed on Wednesday, a sign that Americans’ gloom about the economy owing to high inflation has yet to translate into lower demand.
In fact, lower-income households—often described as the most vulnerable to an inflation-induced shock—are spending the most relative to their prepandemic outlays, the bank’s researchers found.
