US debit card spending hits a near two-year high, driven by demand from high-income families.

According to data from the American Bank Research Institute, credit card and debit card spending in the United States increased by the largest amount since the beginning of 2024 in October, reflecting strong demand from high-income households and the impact of rising prices. The research shows that based on credit card data compiled by American bank companies, household spending in October increased by 2.4% year-on-year. Compared with September, credit card spending increased by 0.3% month-on-month, marking the fifth consecutive month of increase. At the same time, the partial growth in retail spending may reflect more the impact of price increases rather than an increase in transaction volume. Data shows an overall inflation rate of 3% in September. Although retail transactions increased slightly in October, they remained below earlier levels this year. In addition, the growth rate of spending for high-income households exceeded that of low-income groups. The research institute indicates that this disparity is mainly due to stronger wage growth among high-income individuals, while overall wage increases for other groups are lower.