Consumer Spend Collective: Apr retail sales: steady as she goes

Research evidence excerpt

Consumer Spend Collective: Apr retail sales: steady as she goes

Accessible version

Consumer Spend Collective

Apr retail sales: steady as she goes

BAC card spending remained broad-based in April 14 May 2026

Total card spending per HH, as measured by BAC aggregated credit and debit cards, was

Equityup 4.8% y/y in April. On a m/m SA basis, BAC card spending per HH increased by 0.6%.

United States

m/m SA spending growth was mixed across categories. Gas spending jumped again due

to higher prices, and online retail (card not present) remained solid. However,

department stores, home improvement, airlines and clothing all saw big declines,

reversing their gains from March. US Economics estimates that the spike in gas prices

has cost consumers about $25bn. With Tax Day behind us, the tax stimulus tailwind is

slowing and the "gas tax" could start to weigh more meaningfully on the consumer in the

coming months.

Thomas (T.J.) Thornton

Secondhand apparel spending has accelerated in 2026 HeadBofASof Research Marketing

+1 646 855 2449

Using a new dataset on secondhand fashion apparel, we find that spending per thomas.thornton2@bofa.com

household grew 8% y/y in April, driven by an increase in transactions (+38%). Economics

Secondhand spending has been accelerating since February, which Lorraine Hutchinson Aditya Bhave

US Economist

attributes to elevated tax refunds and the rising popularity of “thrifting”. Higher-income BofAS

households account for the greatest share of dollars spent in April on secondhand Fundamental Equity Research

clothing. However, Lorraine notes that the data for this series is limited to market‑driven Lorraine Hutchinson, CFA

Research Analyst

secondhand fashion platforms and does not extend to donation‑based, charity‑centered BofAS