Boomers might be at least partially to blame for this year's pop in consumer spending.
Shoppers at Disney Springs in Lake Buena Vista, Florida. After almost 60 years of Disney's corporate oversight, Florida Gov. Ron DeSantis is expected to soon sign a bill giving himself and future governors control over the board overseeing local functions for the entertainment giant's parks. Photographer: Brian Carlson/Bloomberg via Getty ImagesSocial security recipients received an 8.
7% cost-of-living adjustment this year — the single-largest increase in more than four decades. That is helping support spending, according toThe bank's card spending data shows faster spending growth this year among households more likely to receive those payments, relative to those that don't., BofA economists found that as of mid-February, baby boomers and the preceding generation saw total card spending per household jump by 4% and 6% year-over-year, respectively.
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