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Federal Reserve Bank of Boston

08/13/2025 | Press release | Distributed by Public on 08/13/2025 09:00

Why Has Consumer Spending Remained So Resilient? Evidence from Credit Card Data

Abdelrahman, Hamza, Luiz Oliveira, and Adam Shapiro. 2024a. "The Rise and Fall of Pandemic Excess Wealth." Federal Reserve Bank of San Francisco Economic Letter 2024-06.

Abdelrahman, Hamza, Luiz Oliveira, and Adam Shapiro. 2024b. "Pandemic-Era Liquid Wealth Is Running Dry." Federal Reserve Bank of San Francisco Economic Letter 2024-21.

Aidala, Felix, Daniel Mangrum, and Wilbert van der Klaauw. 2023. "Who Uses 'Buy Now, Pay Later'?" Federal Reserve Bank of New York Liberty Street Economics. September 26, 2023.

Bakker, Trevor J., Stefanie DeLuca, Eric A. English, James S. Fogel, Nathaniel Hendren, and Daniel Herbst. 2025. "Credit Access in the United States." National Bureau of Economic Research Working Paper 34053.

Barbiero, Omar, and Dhiren Patki. 2023. "Have US Households Depleted All the Excess Savings They Accumulated during the Pandemic?" Federal Reserve Bank of Boston Current Policy Perspectives. November 7, 2023.

Chodorow-Reich, Gabriel, Plamen T. Nenov, and Alp Simsek. 2021. "Stock Market Wealth and the Real Economy: A Local Labor Market Approach."American Economic Review 111 (5): 1613-1657.

Gibbs, Christa, Benedict Guttman-Kenney, Donghoon Lee, Scott Nelson, Wilbert van der Klaauw, and Jialan Wang. 2025. "Consumer Credit Reporting Data."Journal of Economic Literature 63(2): 598-636.

Greene, Claire, Julian Perry, and Joanna Stavins. 2024. "Consumer Payment Behavior by Income and Demographics." Federal Reserve Bank of Boston Research Department Working Papers No. 24-8.

Hacioğlu-Hoke, Sinem, Leo Feler, and Jack Chylak. 2024. "A Better Way of Understanding the US Consumer: Decomposing Retail Spending by Household Income." Board of Governors of the Federal Reserve System FEDS Notes. October 11, 2024.

Hacioğlu-Hoke, Sinem, Leo Feler, and Jack Chylak. 2025. "Lost in Aggregation: Geographic Mismeasurement of Income and Spending." Board of Governors of the Federal Reserve System Finance and Economics Discussion Series 2025-050.

Mian, Atif, Kamalesh Rao, and Amir Sufi. 2013. "Household Balance Sheets, Consumption, and the Economic Slump."Quarterly Journal of Economics 128(4): 1687-1726.

Stavins, Joanna. 2024. "Buy Now, Pay Later: Who Uses It and Why." Federal Reserve Bank of Boston Current Policy Perspectives No. 24-3.

Federal Reserve Bank of Boston published this content on August 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 13, 2025 at 15:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]