Bank of America has noted positive gains in credit card spending, particularly in states that are further along in the reopening. Georgia, for example, is at +5% year over year in total credit card spending by consumers.
BofA also found a 8.9% month over month increase in retail sales for May (excluding autos).
Part of the reason for the positive data is that only credit card spending is being captured, not cash spending. Because of the lockdown, more consumers have shifted to card spending and particularly debit card spending. Debit card spending is up 13.5% month-over-month from April.
Spending by the lowest income brackets has been the strongest, including at restaurants.
Spending on airlines remains very low compared to last year, but there is a strong rebound in hotels, restaurants and especially furniture stores. Grocery stores have begun to come back down to last year’s levels while department store spending remains at about 40% than last year.