BofA CEO Says Consumer Spending is This Much Higher This Year Compared to 2019

It seems America is back to spending money. And lots of it.

According to Bank of America’s Chief Executive, Brian Moynihan, consumer spending is 20% higher in 2021 than compared to 2019.

Transaction volumes on customers’ credit and debit cards and over the Zelle payment network have grown by 20% so far this year compared to this point in 2019, Moynihan told CNBC’s Becky Quick on “Squawk Box” on Monday.

The comparison however excludes 2020, as the pandemic raged last year and shutdowns kept many people indoors.

The CEO added that almost all spending categories have recovered with the exception of travel, which is still as much as 15% lower than in 2019.

“People got a lot of stimulus money and they’ve been spending it,” Moynihan said. “The unemployment rate is coming down and people are going back to work.”

He continued, “People can go to amusement parks, they can go on an inside-the-U.S. trip, they can go out to eat. You’re seeing everything open.”

With President Joe Biden’s stimulus bill in March, the total amount of coronavirus aid then reached $5 trillion.

Moynihan had said that accounts with about $1,000 to $2,000 in average balances are “up 6 to 7 times what they were before the pandemic.”

“They’re starting to spend a little of that money,” Moynihan said. “The money’s still there and they’re spending as they have opportunities.”

Moynihan also added that cybersecurity spending at his bank has climbed from around $300 million annually when he started as CEO to well over $1 billion a year.

He additionally noted that 60,000 employees in the U.S. have informed the bank of their vaccination status and are being invited back to office work, a process that will continue through Labor Day.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.