Chase Spending Data

Research evidence excerpt

J P M O R G A N

North America Equity Research

16 September 2026

Chase Spending Data

Updated Through September 8, 2026

We are updating our Chase Spending data through September 8. 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 in September is higher M/M vs. August.

September total spending is up ~6.0% Y/Y (MTD through Sep 8), an acceleration

compared to August’s ~5.3%. The acceleration reflected sequentially faster Y/Y

discretionary spending growth (6.0% MTD through Sep 8 vs. 5.6% in August), while

Y/Y non-discretionary spending growth increased to 6.1% (vs. 4.7% in August).

Hong Zhang

Total spending is up ~6.0% Y/Y MTD through Sep 8 versus the same period

in 2025, with MTD discretionary spending growth of 6.0% running slightly

below MTD non-discretionary spending growth of 6.1% (Fig. 12).

The authors wish to thank Prakhar Rai, of

the J.P. Morgan Global Research Center,

for contributions to this report.

Total spending excluding gas stations is up 5.5% Y/Y MTD through Sep

8 (Fig. 19). MTD Y/Y growth is higher vs. Y/Y growth in August (4.8% y/y).

Total spending is up ~4.04% for the trailing 12M ended Sep 8 (Fig. 1). Total

spending excluding gas is up 3.96% for the trailing 12M ended Sep 8 (Fig. 2).

Upper Income spending is up ~6.6% Y/Y MTD in September versus the

same period in 2025. Spending growth across all income cohorts is mixed

compared to the prior month, with Upper Income spending easing to 6.6%

(from 6.7%), Middle Income spending accelerating to 7.7% (from 7.2%), and

Lower Income spending accelerating to 6.3% (from 5.0%) (Fig. 4).

Gen Z and Millennial spending is up ~8.2% Y/Y MTD in September versus

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

…