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December 10, 2020Blog Posts

Consumers are spending more in 2020 than they did in 2019, says Bank of America CEO

CNBC

Consumers are spending more via Bank of America accounts this year, in the midst of the coronavirus pandemic, than they did in 2019, according to CEO Brian Moynihan.

“When you look at what they’re spending year-to-date, they’ve spent more in 2020 than they did in 2019, and that is now across $2.7 trillion in money moved by our consumers,” Moynihan told CNBC’s Wilfred Frost in a Wednesday interview.

Moynihan’s commentary is the latest indication that, despite a record level of infections and a mounting death toll, many Americans are showing a surprising financial resilience. Earlier in the pandemic, U.S. banks set aside tens of billions of dollars for loan losses, but defaults have yet to materialize. That’s in part due to unprecedented federal actions to stabilize markets and inject money into households and businesses.

“Way back in May, you could see it flattening out and starting to grow,” Moynihan said of the spending data. “Now it’s really grown every month since then. The month of November was up about 4% over the last November, and the month of December so far is up double digits.”

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Interested in learning how consumers are paying this holiday season?

The Strawhecker Group (TSG) and the Electronic Transactions Association (ETA) surveyed nearly 1,000 U.S. consumers in November to understand spending habits, payments preferences, and opinions on emerging payment technologies this holiday season.

Download your copy of the infographic

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