Internet/e-Commerce: Online spending jumps to 13% y/y in May

Research evidence excerpt

Internet/e-Commerce: Online spending jumps to 13% y/y in May

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Internet/e-Commerce

Online spending jumps to 13% y/y in May

Industry Overview

No gas price crowd out, eCommerce up 13% y/y in May 11 June 2026

BAC aggregated credit & debit card data indicates total Online spending grew 13% y/y Equity

in May, a 2ppt acceleration from April and above full 1Q that grew 11% y/y. Online United States

spending for the month continued to outpace brick-and-mortar that grew 4% y/y (2ppt

accel m/m, largely driven by rising gas prices), with Online penetration expanding

1.8ppts y/y to 29.8% in May. While comps get 2ppts tougher in June, & more difficult in

2H, we expect Online penetration gains to continue in 2026 driven by AI-enabled service

level improvements & grocery expansion. Risk is gas and other inflation start to impact

discretionary spend. Next big event is Prime Day and competitive sales during the week.

Justin Post

Amazon: Solid QTD trends, with Prime Day still coming ResearchBofAS Analyst

For Amazon, Street projects N.A. Retail growth of 14% y/y in 2Q, a 2ppt acceleration +1 415 676 3547 justin.post@bofa.com

q/q, while early BAC aggregated card data suggests Online spending has accelerated

Michael McGovern

1ppt QTD. Amazon will host Prime Day in June (vs July last year), so we expect full 2Q Research Analyst

growth can accelerate further and drive upside to Street estimates. We reiterate our BofAS mmcgovern@bofa.com

Buy rating on Amazon given continued Retail share gains and positive exposure to AI

Steven McDermott

with AWS. Research Analyst

BofAS

Transit: industry decelerates m/m to a still strong 6% y/y steven.mcdermott@bofa.com

Harvey Qin

BAC aggregated card data indicates Transit spend grew 6% y/y in May, decelerating Research Analyst