As summer approaches its end, it’s time to review how consumers have spent their money during peak travel season.
Bank of America President of Preferred Banking Aron Levine joins Wealth! to give insight into how consumers have been spending during the summer season.
When asked whether spending is focused on products or services, Levine rewsponds: "The good news here and the headline is that the consumer is still strong. They are still spending. Credit and debit spend is up about 2.5% year-over-year and 40% over pre-pandemic… The real spending is going on on the service side, the entertainment side," highlighting travel to paris for the Olympic games as well as things like dining out and going to the movie theater.
He elaborates that: "This is really tied to wage growth and unemployment. And despite a little bit of an uptick in the unemployment, a little bit of a slowing of the job growth, still people feel very confident in the jobs and in their wages. And so they’re allowing themselves to say, ‘hey, I do want to get away for the summer. I want to take that extra trip,’ and they’re going ahead and booking it. So I think it’s more the comfort level and the fact that there still is spending."
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