Bank of America CorpBAC
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Article cites Bank of America data on affluent spending trends, but does not discuss the bank's own business or financials.
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Bank of America CorpThe top 10% of US earners now account for nearly half of all consumer spending, according to Moody's Analytics and Bank of America. High-income households earning $250,000 or more drove 49.7% of all consumer spending, up from 36% thirty years ago. Bank of America found that the top 10% spend as much on discretionary items as the bottom 70% combined, while lower-income budgets are consumed by essentials like energy, housing, and groceries. This concentration creates risk for retail and mixed-use assets reliant on affluent shoppers, as any shock to high-income households could quickly spread through the sector. Retail sales rose 1.1% in 2025 overall, but spending fell 3.8% among the lowest income decile and rose 2.3% among top earners.
Bank of America CorpArticle cites Bank of America data on affluent spending trends, but does not discuss the bank's own business or financials.