Gap in U.S. consumer spending growth between income groups narrows
Axios · August 11, 2026Original source ↗
What happened
The divide in consumer spending growth between lower- and middle-income households and wealthier households is decreasing. Bank of America reported that lower-income households experienced a year-over-year spending growth of 5.4%, slightly exceeding the 4.9% growth among middle-income households, highlighting improvements in pay and employment for lower-income Americans.
Why it matters
This trend may signal increased economic stability for consumer spending across different income levels.
How this story affects people
How does this story affect you if you are a lower-income household?
You may benefit from increased spending growth and stronger wage gains, which could enhance your economic stability. This trend suggests that your financial situation may be improving compared to wealthier households.
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