Internet/e-Commerce: Online spending grows a solid 11% y/y in April, stable with full 1Q

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Internet/e-Commerce: Online spending grows a solid 11% y/y in April, stable with full 1Q

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Internet/e-Commerce

Online spending grows a solid 11% y/y in

April, stable with full 1Q

Industry Overview

eCommerce grows 11% y/y in April, a 1ppt decel m/m 12 May 2026

BAC aggregated credit & debit card data indicates total Online spending grew 11% y/y Equity

in April, a 1ppt deceleration from March and stable with the full 1Q growth rate. Online United States

spending for the month continued to outpace brick-and-mortar that grew 2% y/y (1ppt Justin Post

accel m/m, likely driven by gas sales), with Online penetration growing 1.7ppts y/y to Research Analyst

30.1% in April. We expect Online penetration gains to continue in 2026 driven by AI- BofAS+1 415 676 3547

enabled service level improvements & grocery expansion, though the sector faces justin.post@bofa.com

increasingly tougher comps throughout the year. Michael McGovern

Research Analyst

Amazon: Prime Day should benefit June BofASmmcgovern@bofa.com

For Amazon, Street projects N.A. Retail growth of 12% y/y in 2Q, a 2ppt acceleration Steven McDermott

q/q, while early BAC aggregated card data suggests Online spending has been stable ResearchBofAS Analyst

QTD at 11%. Amazon will host Prime Day in June, so we expect full 2Q growth to steven.mcdermott@bofa.com

accelerate (Prime Day was in July last year). We reiterate our Buy rating on Amazon Harvey Qin

given continued Retail share gains and positive exposure to AI with AWS. ResearchBofAS Analyst

huiyu.qin@bofa.com

Transit: industry spend accelerates on easier comps

BAC data indicates Transit spend grew 18% y/y in April, an acceleration from 4% y/y in

See the BofA on USA note for an1Q, though trends likely reflect lapping NY tolling downtime vs actual volumes. For