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.svg-line-v--center-2{-webkit-transform:rotate(-45deg);transform:rotate(-45deg)}.institute-navigation__aria-close{background-color:rgba(0,0,0,0);border:0;height:1.875rem;overflow:hidden;padding:0;position:absolute;right:1.25rem;top:-2.875rem;width:1.875rem}@media(min-width:64rem){.institute-navigation__aria-close{display:none}.institute-navigation__menu-sub{background-color:#fff;-webkit-box-shadow:0 1px 1px rgba(0,0,0,.12);box-shadow:0 1px 1px rgba(0,0,0,.12);left:50%;padding:1.125rem 1.5rem;position:absolute;top:100%;-webkit-transform:translateX(-50%);transform:translateX(-50%)}}.institute-navigation__links{list-style-type:none;margin:0;padding:0}.institute-navigation__dropdown-icon{color:var(--institute-navigation--font-color);display:none;margin-left:.75rem;-webkit-transition:all .2s ease-in-out;transition:all .2s 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.institute-navigation__dropdown-icon{-webkit-transform:rotate(180deg);transform:rotate(180deg)}@media(max-width:63.9375rem){.institute-navigation__item--has-sub-menu>.institute-navigation__menu-sub{display:block}}.institute-navigation__item--sub{color:var(--institute-navigation--font-color)}@media(min-width:64rem){.institute-navigation__item--sub{color:#0053c2;font-size:1.125rem;padding-block:.375rem}}.institute-navigation__link{background:-webkit-gradient(linear,left top,left bottom,from(currentColor),to(currentColor));background:linear-gradient(currentColor,currentColor);background-position:0 100%;background-repeat:no-repeat;background-size:0 .056em;cursor:pointer;-webkit-transition:background .6s cubic-bezier(.22,1,.36,1);transition:background .6s cubic-bezier(.22,1,.36,1)}.institute-navigation__link:focus-visible,.institute-navigation__link:hover{background-size:100% .056em}.institute-navigation__link--main,.institute-navigation__link--sub{color:var(--institute-navigation--font-color)}@media(min-width:64rem){.institute-navigation__link--sub{color:#0053c2}}.institute-navigation__link--hide-mobile{display:none}@media(min-width:64rem){.institute-navigation__link--hide-mobile{display:block}}.institute-navigation__menu{-webkit-box-orient:vertical;-webkit-box-direction:normal;display:-webkit-box;display:-ms-flexbox;display:flex;-ms-flex-direction:column;flex-direction:column;height:100vh;position:absolute;right:0;top:100%;width:100%}@media(min-width:64rem){.institute-navigation__menu{-webkit-box-orient:unset;-webkit-box-direction:unset;display:block;-ms-flex-direction:unset;flex-direction:unset;height:auto;position:static;right:unset;top:unset;width:auto}.institute-navigation__menu.collapse{display:block}.institute-navigation__menu-main>.institute-navigation__links{-webkit-box-orient:horizontal;-webkit-box-direction:normal;-webkit-box-align:start;-ms-flex-align:start;align-items:flex-start;display:-webkit-box;display:-ms-flexbox;display:flex;-ms-flex-direction:row;flex-direction:row;gap:2.5rem}}.institute-navigation__menu-height-container{background-color:var(--institute-navigation--menu-bg-color);margin:0;overflow-y:auto;padding:.5rem 3rem 1.25rem}@media(min-width:64rem){.institute-navigation__menu-height-container{background-color:rgba(0,0,0,0);overflow-y:unset;padding:0}.institute-navigation .navigation-spacer{display:none}}.institute-navigation__top{background-color:#fff}.institute-navigation__top .institute-navigation__wrapper{-webkit-box-pack:justify;-ms-flex-pack:justify;-webkit-box-align:center;-ms-flex-align:center;align-items:center;display:-webkit-box;display:-ms-flexbox;display:flex;height:100%;justify-content:space-between;padding-bottom:.875rem;padding-top:.875rem}.institute-navigation__logo{-ms-flex-negative:0;display:inline-block;flex-shrink:0;margin:auto 0;max-width:18.75rem}@media(min-width:75rem){.institute-navigation__logo{-ms-flex-preferred-size:25%;flex-basis:25%}}.institute-navigation__logo-link{display:inline-block;outline:1px solid rgba(0,0,0,0);vertical-align:middle}.institute-navigation__logo-link:focus{outline:1px solid #000}.institute-navigation__logo-image{height:auto;max-width:12.5rem;width:100%}@media(min-width:48rem){.institute-navigation__logo-image{display:block;max-width:15.3125rem}}.institute-navigation__logo-image--mobile{display:none}@media(min-width:48rem){.institute-navigation__logo-image--mobile{display:none}}.institute-navigation{--institute-navigation--hamburger-utility-font-color:#fff}.institute-navigation--internal-page{--institute-navigation--hamburger-utility-font-color:#012169}.institute-navigation__utility ul{padding-left:0}.institute-navigation__utility ul li{list-style-type:none}.institute-navigation__utility ul li a{color:#012169;font-family:Connections,Arial,Verdana,Helvetica,sans-serif;letter-spacing:0}.institute-navigation__utility--top{background-color:#ededed;padding:4px 0;width:100%;z-index:1050}@media(max-width:39rem){.institute-navigation__utility--top .hub-utility-nav{padding:0}}@media(min-width:40rem){.institute-navigation__utility--top 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.hub-nav__dropdown{-webkit-box-orient:vertical;-webkit-box-direction:normal;background-color:#f9f7f4;border:1px solid #ccc;display:-webkit-box;display:-ms-flexbox;display:flex;-ms-flex-direction:column;flex-direction:column;height:calc(100% - 2rem);position:fixed;right:-100%;text-align:center;top:2.875rem;width:100%;z-index:1050}@media(min-width:48rem){.institute-navigation__utility .hub-nav__dropdown{display:block;display:none;height:auto;padding:.813rem .813rem .625rem;position:absolute;right:2%;text-align:justify;top:3.5rem;width:31rem}.institute-navigation__utility .hub-nav__dropdown:before{background:url("/etc.clientlibs/institute/clientlibs/clientlib-site/resources/images/hub/arrow_up.png") no-repeat;background-size:contain;content:"";height:1.375rem;position:absolute;right:2.5rem;top:-1.25rem;width:2.5rem}}.institute-navigation__utility .hub-nav__dropdown-arrow{background:#eee url("/etc.clientlibs/institute/clientlibs/clientlib-site/resources/images/hub/left_arrow.png") no-repeat;background-position:50%;border:none;display:block;height:1.5rem;left:1.25rem;position:absolute;top:50%;-webkit-transform:translateY(-50%);transform:translateY(-50%);width:.8125rem}.institute-navigation__utility .hub-nav__dropdown-arrow:focus{outline:none}.institute-navigation__utility .hub-nav__dropdown-title{-webkit-box-pack:justify;-ms-flex-pack:justify;background-color:#eee;border-bottom:1px solid #ccc;display:-webkit-box;display:-ms-flexbox;display:flex;justify-content:space-between;position:relative}@media(min-width:48rem){.institute-navigation__utility .hub-nav__dropdown-title{display:none}}.institute-navigation__utility .hub-nav__dropdown-title-text{color:#333;font-family:Connections,Arial,Verdana,Helvetica,sans-serif;font-size:.875rem;line-height:2;margin:0;padding:.4375rem .3125rem;width:100%}.institute-navigation__utility .hub-nav__dropdown-title-text:hover{cursor:pointer}@media(min-width:48rem){.institute-navigation__utility .hub-nav__dropdown-title-text{background:none;border-bottom:0;font-size:1rem;line-height:1;padding:0 0 .25rem;pointer-events:none}}.institute-navigation__utility .hub-nav__dropdown-list{overflow-y:auto;padding:0 1.25rem}@media(min-width:48rem){.institute-navigation__utility .hub-nav__dropdown-list{padding:0}}.institute-navigation__utility .hub-nav__dropdown-list ul{padding:0}@media(min-width:48rem){.institute-navigation__utility .hub-nav__dropdown-list ul:first-child() li:last-child(){border-bottom:0}}.institute-navigation__utility .hub-nav__dropdown-list ul:last-child() li:last-child(){border-bottom:0}.institute-navigation__utility .hub-nav__dropdown-list ul li{border-bottom:1px solid #ccc}@media(min-width:48rem){.institute-navigation__utility .hub-nav__dropdown-list ul li{border-right:1px solid #ccc;width:100%}}.institute-navigation__utility .hub-nav__dropdown-list ul li a{color:#0073cf;display:block;font-size:.875rem;padding:.869rem .3125rem 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.056em;color:var(--institute-navigation--hamburger-utility-font-color);display:inline-block;font-size:1.25rem;margin-top:.625rem;-webkit-transition:background .6s cubic-bezier(.22,1,.36,1);transition:background .6s cubic-bezier(.22,1,.36,1)}.institute-navigation__utility.institute-navigation__utility--bottom .hub-utility-nav__links-l1>li>a:focus-visible,.institute-navigation__utility.institute-navigation__utility--bottom .hub-utility-nav__links-l1>li>a:hover{background-size:100% .056em}.institute-navigation__utility.institute-navigation__utility--bottom .hub-utility-nav__links:first-child a{margin-top:0}.institute-navigation__utility.institute-navigation__utility--bottom .hub-utility-nav__links a{display:block;font-size:.875rem}@media(min-width:48rem){.institute-navigation__utility.institute-navigation__utility--bottom{display:none}}.aem-AuthorLayer-Edit .institute-navigation__utility{position:relative}.aem-AuthorLayer-Edit .institute-navigation__utility--top{background:#fff}.aem-AuthorLayer-Edit .institute-navigation__utility--top .hub-utility-nav{background-color:#ededed;max-width:none}.institute-navigation{left:0;position:fixed;top:0;width:100vw;z-index:1020}.institute-navigation .notification-strip__wrapper{padding:0}.institute-navigation .notification-strip__content{max-width:80rem;padding-left:1.25rem;padding-right:1.25rem}@media(min-width:48rem){.institute-navigation .notification-strip__content{padding-left:2.5rem;padding-right:2.5rem}}.institute-navigation--edit{position:relative}@media (-ms-high-contrast:none),screen and (-ms-high-contrast:active){.institute-navigation .collapsing{-webkit-transition:none;transition:none}}.aem-AuthorLayer-Edit .institute-navigation{max-width:100%;position:relative}@media(min-width:90rem){.layout-container{margin-left:auto;margin-right:auto;max-width:100rem}.layout-container--fullbleed{max-width:unset}}.layout-container--rightrail{margin-bottom:1.875rem;padding-left:2rem;padding-right:2rem}@media(min-width:75rem){.layout-container--rightrail{padding-left:4rem;padding-right:4rem}}.layout-container--rightrail .layout-container__column-left{background-color:#fff;position:relative}@media(min-width:48rem){.layout-container--rightrail .layout-container__column-left{padding-left:8.33333333%;padding-right:8.33333333%}}.layout-container--rightrail .layout-container__column-right{height:100%;position:relative;width:100%}@media(min-width:48rem)and (max-width:64rem){.layout-container--rightrail .layout-container__column-right{padding-left:8.33333333%;padding-right:8.33333333%}}@media(min-width:64rem){.layout-container--rightrail .layout-container__column-right{padding-top:3.4375rem}}.layout-container--center .col{-webkit-box-pack:center;-ms-flex-pack:center;display:-webkit-box;display:-ms-flexbox;display:flex;-ms-flex-wrap:wrap;flex-wrap:wrap;justify-content:center}@media(min-width:48rem){.layout-container--center .col>div{-webkit-box-orient:vertical;-webkit-box-direction:normal;display:-webkit-box;display:-ms-flexbox;display:flex;-ms-flex-direction:column;flex-direction:column;padding:0 1rem}}.layout-container--edit [class^=col-]{border:1px dashed #ccc}.layout-container--edit .col{display:block}@media(min-width:48rem){.layout-container.column-separator--desktop .col:not(:last-child){border-right:1px solid #d5d5d5}}@media(max-width:47.9375rem){.layout-container.column-separator--all .col:not(:last-child):after,.layout-container.column-separator--mobile .col:not(:last-child):after{border-bottom:1px solid 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.video__button{right:1.25rem;top:1.25rem}}@media(min-width:64rem){.masthead__type--video .video__button{bottom:1.25rem;top:auto}}.masthead__type--video .video__button:hover{cursor:pointer}.masthead__type--video .video__button--play{display:none}.masthead__type--video .icon--pause:after{color:#fff;content:"";font-family:IR-Icons;font-size:2rem}.masthead__type--video .icon--play:after{color:#fff;content:"";font-family:IR-Icons;font-size:2rem}.masthead__size--small{height:11.25rem}@media(min-width:48rem){.masthead__size--small{height:16.5625rem}}@media(min-width:64rem){.masthead__size--small{height:16.5625rem}}@media(min-width:75rem){.masthead__size--small{height:16.25rem}}.masthead__size--medium{height:20rem}@media(min-width:48rem){.masthead__size--medium{height:20rem}}@media(min-width:64rem){.masthead__size--medium{height:21.25rem}}@media(min-width:75rem){.masthead__size--medium{height:23.75rem}}.masthead__size--large{height:23.4375rem}.masthead__size--large 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.navigation-spacer{display:none}}.navigation__menu-sub{width:100%}@media(min-width:75rem){.navigation__menu-sub{background-color:rgba(255,255,255,.7);left:0;margin-top:.4375rem;position:fixed}}.navigation__menu-sub .navigation__links{-webkit-box-pack:center;-ms-flex-pack:center;justify-content:center}.navigation__links{list-style-type:none;margin:0;padding:0}@media(min-width:75rem){.navigation__links{-webkit-box-pack:center;-ms-flex-pack:center;display:-webkit-box;display:-ms-flexbox;display:flex;justify-content:center}}.navigation__item{-webkit-transition:all .2s linear;transition:all .2s linear}@media(max-width:74.9375rem){.navigation__item--main{-webkit-box-pack:justify;-ms-flex-pack:justify;-webkit-box-align:center;-ms-flex-align:center;align-items:center;border-top:1px solid #d5d5d5;display:-webkit-box;display:-ms-flexbox;display:flex;-ms-flex-wrap:wrap;flex-wrap:wrap;justify-content:space-between;padding:1.25rem 1.5625rem}}@media(min-width:75rem){.navigation__item--main{margin:0 1.875rem;padding:2px}}.navigation__item--main:first-child{margin-left:0}.navigation__item--main:last-child{margin-right:0}.navigation__item--main:not(.navigation__item--main-with-subitems){background-color:#fff}.navigation__item--main:not(.navigation__item--main-with-subitems) a{color:#012169}@media(max-width:74.9375rem){.navigation__item--sub{padding-left:1.5625rem;padding-right:1.5625rem}}.navigation__link{color:#012169;display:inline-block;font-size:1.125rem;-webkit-transition:all .2s linear;transition:all .2s linear}.navigation__link--main.active,.navigation__link--main:focus,.navigation__link--main:hover{text-decoration:underline}.navigation__link--sub{margin:1.25rem 0 0}@media(min-width:75rem){.navigation__link--sub{margin:0;padding:.875rem 2.5rem}.navigation__link--sub:focus,.navigation__link--sub:hover{background-color:#fff;-webkit-box-shadow:0 2px 2px 0 rgba(0,0,0,.1);box-shadow:0 2px 2px 0 rgba(0,0,0,.1)}}.navigation__toggle{background:none;border:none;cursor:pointer;z-index:1}.navigation__toggle svg{display:block;-webkit-transition:all .2s ease-in-out;transition:all .2s ease-in-out}.navigation__toggle--main{height:2.3125rem;padding:0;width:2.3125rem}@media(min-width:75rem){.navigation__toggle--main{display:none}}@media (-ms-high-contrast:none),screen and (-ms-high-contrast:active){.navigation__toggle--main.active svg{display:none}.navigation__toggle--main.active:after{color:#000;content:"";font-family:IR-Icons;font-size:1rem}}.navigation__toggle--main 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.svg-line-v--bottom{-webkit-transform:translateY(-14px);transform:translateY(-14px)}.navigation__toggle--main.active .svg-line-v--center{-webkit-transition-delay:.2s;transition-delay:.2s}.navigation__toggle--main.active .svg-line-v--center-1{-webkit-transform:rotate(45deg);transform:rotate(45deg)}.navigation__toggle--main.active .svg-line-v--center-2{-webkit-transform:rotate(-45deg);transform:rotate(-45deg)}.navigation__toggle--sub{height:1.0625rem;margin-left:.3125rem;padding:.125rem;width:1.0625rem}@media(min-width:75rem){.navigation__toggle--sub.active svg{-webkit-transform:rotate(45deg);transform:rotate(45deg)}}@media(max-width:74.9375rem){.navigation__toggle--sub.active .svg-line-v{display:none}.navigation.open{height:100%}.navigation.open .navigation__menu-main{margin-bottom:2.5rem}}.navigation__top{background-color:#fff}.navigation__top .navigation__wrapper{height:2.625rem}@media(max-width:74.9375rem){.navigation__top .navigation__wrapper{-webkit-box-align:center;-ms-flex-align:center;-webkit-box-pack:justify;-ms-flex-pack:justify;align-items:center;display:-webkit-box;display:-ms-flexbox;display:flex;justify-content:space-between;padding-left:1.5625rem;padding-right:1.5625rem}}@media(min-width:48rem){.navigation__top .navigation__wrapper{height:3.75rem}}@media(min-width:75rem){.navigation__top .navigation__wrapper{-webkit-box-pack:justify;-ms-flex-pack:justify;display:-webkit-box;display:-ms-flexbox;display:flex;height:4.375rem;justify-content:space-between;padding-bottom:1.25rem;padding-top:1.25rem}}.navigation{background-color:#fff;-webkit-box-shadow:0 1px 4px 0 rgba(0,0,0,.17);box-shadow:0 1px 4px 0 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auto;position:relative}.navigation__logo{display:inline-block}.navigation__logo-image{height:auto;max-width:10.3125rem;width:100%}@media(min-width:48rem){.navigation__logo-image{max-width:12.5rem}}@media(min-width:75rem){.navigation__logo-image{max-width:17.1875rem}}.navigation--edit{position:relative}@media (-ms-high-contrast:none),screen and (-ms-high-contrast:active){.navigation .collapsing{-webkit-transition:none;transition:none}}.navigation-spacer{-webkit-box-flex:1;-ms-flex:1 0 auto;flex:1 0 auto;height:106px}.navigation-spacer--edit{display:none}.aem-AuthorLayer-Edit .experiencefragment-navigation{margin-left:-2rem;margin-right:-2rem}@media(min-width:30rem)and (max-width:82rem){.aem-AuthorLayer-Edit .experiencefragment-navigation{margin-left:-4rem;margin-right:-4rem}}@media(max-width:74.9375rem){.aem-AuthorLayer-Edit .experiencefragment-navigation .navigation__utility--top{display:none}}.aem-AuthorLayer-Edit body.page{padding-top:0}.aem-AuthorLayer-Edit .navigation{position:relative}.navigation__utility .utility-nav li{list-style:none}.navigation__utility .utility-nav li a{color:#000;display:block;font-size:.875rem;line-height:1}.navigation__utility .utility-nav li.active,.navigation__utility .utility-nav li:hover{color:#000;text-decoration:underline}.navigation__utility--top{-ms-flex-item-align:end;-webkit-box-flex:1;-ms-flex-positive:1;align-self:flex-end;display:none;flex-grow:1;margin:0 .3125rem 0 3.75rem}@media(min-width:75rem){.navigation__utility--top{display:block}}.navigation__utility--top .utility-nav{-webkit-box-pack:justify;-ms-flex-pack:justify;display:-webkit-box;display:-ms-flexbox;display:flex;justify-content:space-between}.navigation__utility--top .utility-nav-left{margin-right:auto}.navigation__utility--top .utility-nav-left li{margin-right:2.5rem}.navigation__utility--top .utility-nav-right{margin-left:auto}.navigation__utility--top .utility-nav-right li{margin-left:2.5rem}.navigation__utility--bottom{background:#f5f5f5;padding-bottom:.625rem}@media(min-width:75rem){.navigation__utility--bottom{display:none}}.navigation__utility--bottom .utility-nav li{padding:.9375rem 1.5625rem}.notification-strip{background-color:#012169;color:#fff;font-family:Connections,Arial,Verdana,Helvetica,sans-serif;padding:.875rem 0;width:100%}@media(min-width:48rem){.notification-strip{padding:.5rem 0}}.notification-strip__wrapper{padding-left:1.5625rem;padding-right:1.5625rem}@media(min-width:75rem){.notification-strip__wrapper{padding-left:4rem;padding-right:4rem}}.notification-strip__content{font-size:.75rem}@media(min-width:48rem){.notification-strip__content{font-size:1.125rem}}.notification-strip__content *{color:inherit;font-size:inherit;line-height:inherit}.notification-strip__content * a{font-size:inherit;line-height:inherit;margin-left:.3125rem;text-decoration:underline}.aem-AuthorLayer-Edit .notification-strip{margin:0;position:relative;top:0} </style> <link rel="stylesheet" href="/etc.clientlibs/institute/clientlibs/clientlib-base.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/unity/core/clientlibs/clientlib-global.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/unity/core/clientlibs/clientlib-typography.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/unity/core/clientlibs/clientlib-components.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/institute/clientlibs/clientlib-dependencies.min.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/institute/clientlibs/clientlib-site.min.css" type="text/css"> <script src="/etc.clientlibs/institute/clientlibs/clientlib-analytics.min.js"></script> <script defer src="/etc.clientlibs/unity/core/clientlibs/clientlib-components.min.js"></script> <script defer src="/etc.clientlibs/institute/clientlibs/clientlib-dependencies.min.js"></script> <link rel="shortcut icon" 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class="image__bg-content"> </div> </div> </div> </div> </div> </div></div> </div> </div> </div> </div> </div> <div class="aem-wrap--layout-container"> <div id="layout_24358" class="layout-container layout-container--rightrail container-full-bleed "> <div class="layout-container__content "> <div class="row"> <div class="col-xs-12 col-md-8"> <div class="layout-container__column-left"> <div class="aem-wrap--positioning-container"> <div id="positioning_container_76747" class="positioning-container positioning-container--white positioning-container--masthead-notch "> <div class="col-md-12 positioning-container__col"> <div class="positioning-container__wrapper"> <div class="aem-wrap--header"> <div class="header "> <h1 class="header__headline header--h2 "> Middle-income, Millennial, and thrifty </h1> <div class="header__subheadline" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <p><span class="header__subheadline--article">Over the past two years, Millennials and middle-income consumers have been prioritizing bargains as they deal with rising costs.</span></p> </div> </div></div> <div class="aem-wrap--contributor-container"> <div id="contributor-container_24848" class="contributor-container contributor-container--inline-left contributor-container--show-separator " data-action="contributor-container-component"> <div class="contributor-container__content"> <div class="row"> <div class="col col-xs-12"> <div class="aem-wrap--experience-fragment"> <div id="experience-fragment-35a0edac67" class="experience-fragment experience-fragment--joe-wadford"><div class="xf-content-height"> <div class="aem-wrap--contributor"> <div class="contributor contributor--thumbnail-image contributor--author-name-right "> <div class="contributor__image"> <img class="contributor__headshot" src="/content/dam/bank-of-america-institute/contributor-headshots/JoeWadford-200x200.jpg" width="200" height="200" alt="Headshot of Anna Zhou"/> </div> <div class="contributor__text text" data-props-tagging-label="Contributor-_-Hyperlink-_-" data-props-tagging-class="t-track-contributor-link" data-action="text-component"> <p class="contributor__author-name">Joe Wadford</p> </div> </div></div> </div></div> </div> </div> </div> </div> </div> </div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--cool-gray-medium separator__line--thin"></div> </div></div> <div class="aem-wrap--text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <p>November 2024</p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> <div class="aem-wrap--key-takeaways"> <div class="key-takeaways"> <div class="key-takeaways__heading"> <div class="header "> <h2 class="header__headline header--h3 header--blue"> Key takeaways </h2> </div> </div> <ul class="key-takeaways__list key-takeaways__list--white"> <li class="key-takeaways__item key-takeaways__item--bullet key-takeaways__item--dark-blue key-takeaways__item--padded"> Bank of America aggregated credit and debit card spending data shows that consumers continue to show forward momentum, but some are trading down across restaurants, grocery stores, travel, and clothing stores in order to continue to spend. </li> <li class="key-takeaways__item key-takeaways__item--bullet key-takeaways__item--dark-blue key-takeaways__item--padded"> Looking across incomes, consumers in the middle (earning between $50K and $100K) have traded down the most on average. This is likely as their wages have lagged the rate of inflation by six percentage points relative to 2019, according to wage data from Bank of America deposit accounts and inflation data from the Bureau of Labor Statistics. </li> <li class="key-takeaways__item key-takeaways__item--bullet key-takeaways__item--dark-blue key-takeaways__item--padded"> Among age groups, Millennials have seen the largest degree of trading down to less expensive "value" tiers since April 2022, likely as they attempt to offset the rising costs of housing, cars, and childcare, according to our data. </li> </ul> <div class="key-takeaways__text"> <div class="text" data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"> <p>Read our <a target="_blank" href="/content/dam/economic-insights/middle-income-millennial-thrifty.pdf">full analysis</a> for a more in-depth look at these trends.<br /> </p> </div> </div> </div> </div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-none separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> </div> </div> </div> </div> </div> </div> <div class="col-xs-12 col-md-4 col-lg-3"> <div class="layout-container__column-right"> <div class="aem-wrap--right-rail js-right-rail-sticky"> <div class="right-rail " data-action="right-rail-component"> <div class="aem-wrap--image"> <div id="image_26814" class="image image--single " data-action="image-component"> <div class="image__wrapper image--left"> <div class="image__content"> <picture class="image__picture"> <img class="image__img " src="/etc.clientlibs/institute/clientlibs/clientlib-site/resources/images/institute/institute_logo.svg" alt="Bank Of America Institute logo" aria-hidden="false"/> </picture> </div> </div> </div> </div> <div class="aem-wrap--experience-fragment"> <div id="experience-fragment-3f02a579c5" class="experience-fragment experience-fragment--see-all-insights-cta"> <div class="aem-wrap--cta"> <div class="cta-container cta--left"> <a class="cta cta--caret cta--royal-blue t-track-cta-link" target="_self" href="/" data-bactmln="StandaloneCTA-_-CTA-_-see-all-insights_/"> See all insights</a> </div> </div> </div> </div> <div class="aem-wrap--cta"> <div class="cta-container cta--left"> <a class="cta cta--icon-link cta--royal-blue t-track-cta-link" target="_blank" rel="noopener noreferrer" href="/content/dam/economic-insights/middle-income-millennial-thrifty.pdf" data-bactmln="StandaloneCTA-_-CTA-_-middle-income,-millennial,-and-thrifty_/content/dam/economic-insights/middle-income-millennial-thrifty.pdf"> <span class="cta__icon icon-communication-pdf"></span>Middle-income, Millennial, and thrifty</a> </div> </div> <div class="aem-wrap--social-share"> <div class="social-share social-share--expandable" data-action="social-share-component" data-props-email-subject="Article on Middle-income, Millennial, and thrifty" data-props-email-body="I thought you would find this article from Bank of America Interesting. 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