Consumer Behavior

Consumers spending at faster rate claims BofA chief

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December 21, 2021

Consumers are spending "at a faster rate" than Bank of America Chairman and CEO Brian Moynihan has ever seen, and he's concerned about impacts from the ongoing supply chain challenges and inflation going into the new year.

Moynihan made the comments in an interview with The Associated Press, and stated spending on BofA debit and credit cards has surged, according to an ABC News report.

"(The consumer) is earning more money, but now they are worried that these costs are going to go up faster than their wages," he told AP. "Also, frankly, the constant ebb and flow of this virus weighs on people's minds over time."

Debit and credit card spend among BofA customers, between Thanksgiving and Cyber Monday, jumped 13% compared to 2019, according to Moynihan.

"The U.S. consumer is spending money, a lot of money, spending at a faster rate than I have ever seen, and I've been tracking this data for 15 years," he told AP.