Consumer Spending Holds Firm Amid Tariff Pressures, Bank of America Finds

Spending stayed resilient last month as American consumers—especially wealthier households—continued to buy.

Shoppers in a grocery store in New York City on March 12, 2025. Samira Bouaou/The Epoch Times

U.S. consumer spending continued to show resilience in March, bolstered by higher-income households and targeted spending ahead of possible price hikes linked to the Trump administration’s tariff policies, according to the latest data from Bank of America.

In its April 10 “Consumer Checkpoint” report, Bank of America said that card spending per household rose 1.1 percent year-over-year and 0.2 percent month-over-month in March, signaling moderate but steady growth. Consumer spending accounts for roughly two-thirds of U.S. economic output, with markets attuned to any signs of weakness.