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Bank of America Sees Consumers Spending More Money on In-Person Activities

  • Clients devoted growing amounts to travel, restaurants, gyms
  • Millennials drove more of the growth than older customers
Updated on

Bank of America Corp.’s consumer clients made $294 billion of total payments last month, up 16% from a year earlier, as the U.S. economy continued its recovery from the coronavirus pandemic.

Customer spending on credit and debit cards increased 21% in February from a year earlier to $63 billion, with outlays for travel up almost 95%, the Charlotte, North Carolina-based company said in a statement Tuesday. Restaurant and gym spending was up 38% and 43% respectively as more people got out of their homes, with millennials and Generation Z consumers driving growth.