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Why Has Consumer Spending Remained So Resilient? Evidence from Credit Card Data

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Abstract

Credit card data indicate that since 2022, spending by higher-income consumers has remained resilient and has been driving the growth in aggregate spending. By contrast, spending growth of low-income consumers has not been as strong.

Suggested Citation

  • Rees Hagler & Dhiren Patki, 2025. "Why Has Consumer Spending Remained So Resilient? Evidence from Credit Card Data," Current Policy Perspectives 2025-10, Federal Reserve Bank of Boston.
    • Handle: RePEc:fip:fedbcq:101425
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    References listed on IDEAS

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    1. Omar Barbiero & Dhiren Patki, 2023. "Have US Households Depleted All the Excess Savings They Accumulated during the Pandemic?," Current Policy Perspectives 97263, Federal Reserve Bank of Boston.
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    1. Joanna Stavins, 2023. "Credit Card Spending and Borrowing since the Start of the COVID-19 Pandemic," Current Policy Perspectives 97187, Federal Reserve Bank of Boston.

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    Keywords

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    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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