Mostly Wealthy People Went Shopping Last Month 3/24/26

Summary

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Your Money Minute – "Mostly Wealthy People Went Shopping Last Month" (March 24, 2026)

Brief Overview

This episode of Your Money Minute, hosted by Jessica Ettinger, focuses on February's consumer spending patterns in the United States, highlighting data from the Bank of America Institute. The main theme is that higher-income consumers were responsible for most of the spending growth, with concerns emerging over the financial health of middle- and lower-income households as rising prices loom.

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Key Discussion Points & Insights

1. Surge in Consumer Spending Driven by Wealthy Households

• Jessica Ettinger summarizes recent data:
  • "Consumers went shopping in February, spending the most for that month in three years in the Bank of America Institute data." (00:05)
  • Data comes from analysis of ~70 million accounts, including credit card activity and payroll deposits.
• Key takeaway: Wealthy individuals significantly fueled the uptick in spending.
  • “B of A says it was pretty much the wealthy people who carried the month for spending though.” (00:19)

2. Income Disparity and Economic Concerns

• Liz Everett Chrisberg, Bank of America Institute, underscores:
  • "The strength really is in the higher income consumer. The higher income wages, those are the ones that are going up and you're seeing this cooling in middle and lower income households." (00:24)
  • Indicates rising concerns: "That's where, you know, that's where we're starting to get a little concerned." (00:32)
• Signals a widening gap in economic participation between income groups.

3. Looking Ahead: Impact of Rising Energy Prices

• February’s data did not yet account for increasing gas prices.
  • “Higher prices at the pump really hadn't hit yet. So March's data that will come a month from now will be pretty important.” (00:37)
• Chrisberg is closely monitoring lower-income households:
  • “I'm going to really be looking at what's happening with the lower income consumer because by definition, energy prices, oil prices take up a larger share of lower income spending. That could be a real impact on squeezing their discretionary spending.” (00:48)
• Suggests potential new pressures on household budgets.

4. The Broader Economic Context

• Ettinger puts consumer spending into perspective:
  • “The US is a consumer economy. Consumer spending makes up about two thirds of economic growth.” (01:03)
• Importance: Fluctuations in household spending ripple through the broader economy.

5. Where to Learn More

• Listeners are directed to CNBC’s ongoing coverage for in-depth analysis.
  • “You can see more on the health of the consumer at cnbc.com.” (01:09)

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Notable Quotes & Memorable Moments

• Jessica Ettinger:

  • "Consumers went shopping in February, spending the most for that month in three years." (00:05)
  • “B of A says it was pretty much the wealthy people who carried the month for spending though.” (00:19)
  • “The US is a consumer economy. Consumer spending makes up about two thirds of economic growth.” (01:03)

• Liz Everett Chrisberg (Bank of America Institute):

  • “The strength really is in the higher income consumer. The higher income wages, those are the ones that are going up and you're seeing this cooling in middle and lower income households.” (00:24)
  • “That's where, you know, that's where we're starting to get a little concerned.” (00:32)
  • “I'm going to really be looking at what's happening with the lower income consumer because by definition, energy prices, oil prices take up a larger share of lower income spending. That could be a real impact on squeezing their discretionary spending.” (00:48)

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Timestamps for Important Segments

• 00:05: Overview of February’s consumer spending spike
• 00:19: Wealthy households drive spending increase
• 00:24: Liz Everett Chrisberg details income-based differences in spending
• 00:37: Impact of gas prices yet to show; March data will be key
• 00:48: Chrisberg's concerns over lower-income impacts from rising energy costs
• 01:03: Context: Consumer spending’s role in the US economy

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This episode delivers a concise yet insightful snapshot of evolving consumer behavior, urging listeners to keep an eye on future data that may reflect greater financial strain on lower-income Americans. For deeper dives, CNBC.com is recommended.

Transcript

[A]

With a CNBC your Money minute. I'm Jessica Edinger. Consumers went shopping in February, spending the most for that month in three years in the bank of America Institute data. The institute analyzes about 70 million consumer accounts looking at credit card spending, payroll, direct deposits and much more. B of A says it was pretty much the wealthy people who carried the month for spending though

[B]

the strength really is in the higher income consumer. The higher income wages, those are the ones that are going up and you're seeing this cooling in middle and lower income households. And that's where, you know, that's where we're starting to get a little concerned.

[A]

The B of A Institute's Liz Everett Chrisberg on cnbc and she says higher prices at the pump really hadn't hit yet. So marches data that will come a month from now will be pretty important.

[B]

I'm going to really be looking at what's happening with the lower income consumer because by definition, energy prices, oil prices take up a larger share of lower income spending. That could be a real impact on squeezing their discretionary spending. So that's what we're going to be looking at.

[A]

The US Is a consumer economy. Consumer spending makes up about two thirds of economic growth. You can see more on the health of the [e-mail] I'm Jessica Ettinger. CNBC

[C]

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