Online spending growth slows to 8% in July: BofA data
Growth in U.S. online spending decelerated to 8% year-over-year in July, according to Bank of America card data, down from double-digit increases earlier in 2024.
Growth in U.S. online spending slowed to 8% year-over-year in July, Bank of America card data showed on Friday, marking a deceleration from the double-digit increases recorded earlier in 2024.
The latest figures, derived from Bank of America’s proprietary card spending tracker, indicate a moderation in consumer online expenditure compared with the stronger growth observed in the first half of the year. The data, which excludes auto and gas purchases, reflects broader trends in U.S. consumer behavior amid shifting economic conditions.
The slowdown follows a period of robust online spending, with growth rates frequently exceeding 10% in recent months. Analysts suggest the moderation may reflect reduced discretionary spending as consumers prioritize essential goods amid persistent inflationary pressures and higher borrowing costs.
Bank of America’s card data is widely tracked as a real-time indicator of consumer activity, providing insights into spending patterns across retail, services and other sectors. The July reading underscores a broader trend of cooling digital commerce growth after a prolonged surge in e-commerce adoption.
Helena covers corporate news for listed and private companies across Europe, from strategy shifts to leadership changes, with an eye for what a story signals about the broader market.
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