Chase Spending Data Updated Through July 28, 2026

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Chase Spending Data

Updated Through July 28, 2026

We are updating our Chase Spending data through July 28. Data are provided on a

lagged basis and presented in a rolling seven-day format.

Consumer Finance

As always, we welcome reader feedback and suggestions. We have attached a schema

of the full dataset as an appendix at the end of the note, allowing readers to see the

complete universe of available categories as well as those we have selected to

highlight in our charts and commentary. Click here for disclaimers and methodology.

(1-415) 315-6701

Key Takeaways: Total spending growth for July lower M/M vs. June. July total

spending was up ~3.8% Y/Y (through July 28), a deceleration compared to June’s

figure of ~6.0%. The deceleration was the result of both sequentially slower Y/Y

discretionary spending growth (3.8% through July 28 vs. 6.4% in June) as well

as slower Y/Y non-discretionary spending growth (3.9% through July 28 vs. 5.0% in

June).

Total spending was up ~3.8% Y/Y MTD through July 28 versus the same

period in 2025, with MTD discretionary spending growth of 3.8% running

slightly below MTD non-discretionary spending growth of 3.9% (Fig. 12).

Total spending excluding gas stations was up 3.4% MTD through July

28 (Fig. 19). MTD Y/Y growth was lower vs. Y/Y growth in June (5.5% y/y).

Total spending was up ~3.91% for the trailing 12M ended July 28 (Fig. 1).

Total spending excluding gas was up 3.93% for the trailing 12M ended July 28

(Fig. 2).

Upper Income spending was up ~5.1% MTD in July versus the same

period in 2025. Spending growth across all income cohorts was slower

compared to the prior month, with Upper Income spending decelerating to

5.1% (from 7.3%), Middle Income spending decelerating to 5.3% (from 7.1%),

and Lower Income spending decelerating to 3.2% (from 5.3%) (Fig. 4).

Gen Z and Millennial spending was up ~6.4% MTD in July versus the

same period in 2025. This cohort continues to drive spending growth,

outperforming the overall average and July y/y growth in Gen X and Baby

Boomers at 2.0% and 1.1%, respectively (Fig. 13). We note that the relative

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