Bank of America’s aggregated credit and debit card tracking reported that total retail spending, excluding gas, increased 4.6% in June compared with a 4.3% gain in May. The bank’s card-data snapshot shows a mixed picture beneath the headline, with some categories losing momentum while others strengthened.
General merchandise spending slowed to a 4.4% increase in June from a 5.5% rise in May. Within that category, the bank flagged a late-month pick-up in online general merchandise spending. The firm attributed that surge to the timing of major discount events - specifically noting that Amazon Prime Days and other competitor sale periods shifted into June this year rather than occurring in July as they did last year, which appears to have pulled online demand forward.
Grocery expenditures moved in the opposite direction, declining 0.8% in June after increasing 1.5% in May. Separately, average gas prices fell by roughly 10% between May and June, a change reflected in the exclusion-adjusted retail total reported by Bank of America.
Most housing-related categories tracked by the bank showed improvement in June, though there were exceptions. Spending on roofing and siding and on furniture did not follow the broader improvement. By contrast, online furniture spending accelerated, with a reported 7.5% gain in June.
Home improvement spending - used by the bank as a proxy for do-it-yourself activity - moved back into positive territory, rising to 2.5% in June after a negative result of 1.4% in May. Spending on housing-related services, which the bank treats as a proxy for professional services, showed a notable acceleration, increasing to 8.4% in June from 1.5% in May. The bank identified the Northeast as the leading region for both of these housing-related categories.
Consumer electronics and hobby retail categories held steady, with spending up 9.8% in June, the same pace as in May.
Data highlights
- Total retail spending excluding gas: +4.6% in June (vs +4.3% in May)
- General merchandise: +4.4% in June (vs +5.5% in May); online general merchandise showed a late-June boost
- Grocery spending: -0.8% in June (vs +1.5% in May)
- Average gas prices: ~10% lower on average from May to June
- Home improvement (DIY proxy): +2.5% in June (from -1.4% in May)
- Housing-related services (professional services proxy): +8.4% in June (from +1.5% in May), led by the Northeast
- Online furniture: +7.5% in June
- Consumer electronics and hobby retail: +9.8% in June (unchanged from May)
Regional and category notes
Bank of America’s card-aggregation approach highlights variations across retail segments and geography. The Northeast produced strong outcomes in both DIY-related home improvement spending and in housing-related professional services. Meanwhile, certain housing categories such as roofing and siding, and furniture retail overall, lagged the broader housing improvements reported.
Methodological note
The figures reflect Bank of America’s aggregation of credit and debit card transactions and exclude gasoline from the headline retail spending measure. The bank identifies category-level proxies - for example, home improvement for DIY activity and housing-related services for professional services - to interpret shifts in consumer behavior across related sub-sectors.