Card spending per client rose 13%
year-over-year, nearing all-time highs
NEW
YORK, May 10, 2022 /PRNewswire/ -- The Bank
of America Institute today released its findings from its first
Small Business Checkpoint, a new publication which aims to provide
a holistic and real-time estimate of Small Business financial
activity, spending and financial well-being, leveraging the breadth
and depth of Bank of America proprietary data from its
approximately three million small business households.
Highlights of the publication:
- Small Business aggregate credit and debit card spending was
up 16% year-over-year in April; within this, April growth in
credit card spend (20%) outpaced growth in debit card
spend (12%)
- Total payments across all types up 14% per client
year-over-year, demonstrating both spending growth and the impact
of inflation on expenses
- In April, Small Business clients saw strong deposit balance
growth at 16% year-over-year
- Travel spending was 57% higher year-over-year as
the pandemic impact continued to fade
- Automated Clearing House (ACH) and Wire payments grew 24%
and 18% respectively, often representing bigger ticket items
like rent, car loans/leases, and payroll
"Small Businesses remain a key driver of the U.S. economy" said
David Tinsley, senior economist for
the Bank of America Institute. "While the pandemic represented a
substantial period of economic disruption to Small Businesses, they
have bounced back convincingly and seem relatively well-placed to
deal with a slowdown in the economy."
Read the full Small Business Checkpoint for additional
details.
Bank of America Institute
The Bank of America Institute is dedicated to uncovering
powerful insights that move business and society forward.
Established in 2022, the Institute is a think tank that draws on
data and analyses from across the bank and the world to provide
timely and original perspectives on the economy, Environmental,
Social and Governance (ESG), and global transformation. The
Institute leverages the depth and breadth of the bank's proprietary
data, from 67 million consumer and small business clients, 54
million verified digital users, $3.8T
in total payments in 2021 and $1.4T
in consumer and wealth management deposits. From this robust data
set, the Institute provides a unique perspective on the health of
the economy. It also elevates thought leadership from throughout
the bank that addresses long-term trends and shares these findings
with the general public.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 67 million consumer and small business clients with
approximately 4,100 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 54
million verified digital users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and approximately 35
countries. Bank of America Corporation stock (NYSE: BAC) is listed
on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for email news alerts.
Reporters may contact:
Melissa
Anchan, Bank of America
Phone: 1.646.532.9241
melissa.anchan@bofa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/small-business-spending-increases-16-year-over-year-in-april-301544108.html
SOURCE Bank of America Corporation