A look at BofA’s data shows the shape of the consumer economy is no longer a “K.” If we’re sticking with the alphabet theme, one might suggest an “E” is emerging.
Citing internal data, the group said that in January the spending growth between higher-income households and all others was at its largest since mid-2022, the height of the COVID-era spending boom. Year-on-year in January, higher-income consumers’ s... [3152 chars]