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

Rees Hagler and Dhiren Patki

No 2025-10, Current Policy Perspectives from Federal Reserve Bank of Boston

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.

Keywords: consumer spending; credit card debt; household income (search for similar items in EconPapers)
JEL-codes: E21 G51 (search for similar items in EconPapers)
Pages: 7
Date: 2025-08-13
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