BoA: Gap b/n higher- & lower-income spending growth per household largest?
It appears most evident in “bigger ticket” discretionary categories like travel, furniture, electronics & lodging
Interestingly, for both income groups, cruise spending per household remains solid, reflecting the continued popularity of this type of vacation
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BoA: Total credit & debit card spending per household rose +2.4% y/y n Oct - the strongest annual growth since early 2024
S/adj'd spending rose +0.3% m/m, the 5th consecutive month of gains, with services contributing the most to monthly spending growth for the 2nd straight month
Large gaps continue b/n both higher- & lower-income h/holds' spending & wage growth. Higher-income h/holds saw +2.7% y/y spending growth in Oct vs lower-income groups lagged at just +0.7%; after-tax wages increased at +3.7% y/y for higher-income h/holds vs +1.0% y/y for lower-income households
Across all incomes, h/holds hold more deposits than in 2019, suggesting they are in decent financial shape overall.
However, the holiday season will bring some challenges - 62% of respondents to BoA's 2025 Holiday Survey reported feeling financial strain.
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US Hotel Chains Hilton, Marriott Set Sights On Africa Amid Tariff-Triggered Domestic Slowdown
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https://stocktwits.com/news/equity/markets/us-hotel-chains-hilton-marriott-set-sights-on-africa-amid-tariff-triggered-domestic-slowdown/chlx9ToRRP3
The number of Canadian-resident return trips by automobile from the US plunged -31.9% y/y in March. That’s the 3rd straight monthly decline & followed a -23% drop a month earlier.
President Donald Trump’s attacks on Canada’s economy & sovereignty have spurred a swell of national pride & anger at the US, prompting boycotts of American products & public pushback
The US has long been the most popular destination for international trips among Canadians. 66% of the Canadian population lives w/n 100KM of the US border
The number of Canadian-resident return trips by air from the US also fell, decreasing -13.5% y/y in March. On the other hand, return trips by Canadians from foreign countries other than the US rose +9.1%.
Canadians made up the biggest group of tourists in the US Last year, Canadian visitors generated US$20.5B in spending in the US. A -10% reduction in Canadian travel could mean 2M fewer visits, $2.1B in lost spending & 14K job losses.
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European travellers visiting the US has fallen sharply as political & economic tension and fears of a hostile border under President Donald Trump threaten the world’s most lucrative air routes.
ITA: Visitors from western Europe who stayed at least one night in the US fell by -17% y/y in March from a year ago
The total number of overseas visitors travelling to the US dropped by -12% y/y in March, the steepest decline since March 2021
US tourism industry accounts for 2.5% GDP.
Co-founder of Kayak: In just 2 months [President Trump] has destroyed the reputation of the US, shown one way by diminished travel from the EU to the US”
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