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Bank of America Institute – Where Thought Finds Leadership
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.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 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#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 #d5d5d5;content:"";display:block;margin-bottom:1.875rem;margin-top:1.875rem}}@media(min-width:48rem){.layout-container.column-separator--all .col:not(:last-child){border-right:1px solid #d5d5d5}}.masthead{margin-left:auto;margin-right:auto;max-width:100rem;overflow:hidden;position:relative}.masthead__type--image .image,.masthead__type--image .image__bg,.masthead__type--image .image__content,.masthead__type--image .image__picture,.masthead__type--image .image__wrapper,.masthead__type--image img{display:block;height:100%;width:100%}@media(min-width:75rem){.masthead__type--image img{height:auto}}.masthead__type--fullbleed{max-width:unset}.masthead__type--video{position:relative}.masthead__type--video video{-o-object-fit:cover;object-fit:cover;width:100%}.masthead__type--video .object-fit-polyfill{height:100%;width:100%}.masthead__type--video .video__button{position:absolute;right:.625rem;top:.625rem;z-index:1000}@media(min-width:48rem){.masthead__type--video .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 video{min-height:23.4375rem}@media(min-width:48rem){.masthead__size--large,.masthead__size--large video{height:20rem}}@media(min-width:64rem){.masthead__size--large,.masthead__size--large video{height:21.25rem}}@media(min-width:75rem){.masthead__size--large,.masthead__size--large video{height:30rem}}.masthead--blue-flagscape{background-color:rgba(0,0,0,0)}.masthead--blue-flagscape .masthead__media{background-image:url("/etc.clientlibs/institute/clientlibs/clientlib-site/resources/images/blue_flagscape_masthead_mobile.jpg");background-size:cover}@media(min-width:48rem){.masthead--blue-flagscape .masthead__media{background-image:url("/etc.clientlibs/institute/clientlibs/clientlib-site/resources/images/blue_flagscape_masthead_tablet_portrait.jpg")}}@media(min-width:64rem){.masthead--blue-flagscape .masthead__media{background-image:url("/etc.clientlibs/institute/clientlibs/clientlib-site/resources/images/blue_flagscape_masthead_tablet_landscape.jpg")}}@media(min-width:75rem){.masthead--blue-flagscape .masthead__media{background-image:url("/etc.clientlibs/institute/clientlibs/clientlib-site/resources/images/blue_flagscape_masthead_desktop.jpg")}}.masthead--dark-blue{background-color:#012169}.masthead--white{background-color:#fff}.masthead--bright-red{background-color:#e31837}.masthead--gray{background-color:#f5f5f5}.masthead__wrapper{-webkit-box-align:center;-ms-flex-align:center;-webkit-box-pack:center;-ms-flex-pack:center;align-items:center;justify-content:center;width:100%}.masthead__content,.masthead__wrapper{display:-webkit-box;display:-ms-flexbox;display:flex}.masthead__content{-webkit-box-orient:vertical;-webkit-box-direction:normal;-webkit-box-flex:0;-webkit-box-sizing:border-box;box-sizing:border-box;-ms-flex:0 0 auto;flex:0 0 auto;-ms-flex-direction:column;flex-direction:column;max-width:100%;padding:1.25rem 1rem}@media(max-width:74.9375rem){.masthead__content{padding-left:1.5625rem;padding-right:1.5625rem}}@media(min-width:75rem){.masthead__content{padding-left:4rem;padding-right:4rem}}@media(min-width:90rem){.masthead__content{padding-left:0;padding-right:0}}.masthead__content 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.masthead__wrapper{height:100%;left:0;position:absolute;top:0;width:100%}.cq-Editable-dom .masthead .masthead__media>div{height:100%}.navigation__bottom,.navigation__bottom.open{-webkit-transition:background .25s ease-in;transition:background .25s ease-in}.navigation__bottom.open{background:#fff}@media(min-width:75rem){.navigation__bottom{background-color:#fff;display:-webkit-box;display:-ms-flexbox;display:flex;min-height:36px}}@media(max-width:74.9375rem){.navigation__bottom .navigation__wrapper{height:100%;padding:0}}@media(min-width:75rem){.navigation__bottom .navigation__wrapper{display:-webkit-box;display:-ms-flexbox;display:flex}}@media(max-width:74.9375rem){.navigation__site-name{background:#f5f5f5;display:block;font-size:.75rem;line-height:22px;padding-left:1.5625rem;padding-right:1.5625rem;padding-top:0}.navigation__site-name,.open .navigation__site-name{-webkit-transition:background .25s ease-in;transition:background .25s ease-in}.open 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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 .svg-line-v{-webkit-transform-origin:center;transform-origin:center;-webkit-transition-duration:.2s,0s;transition-duration:.2s,0s;-webkit-transition-property:stroke-width,-webkit-transform;transition-property:stroke-width,-webkit-transform;transition-property:transform,stroke-width;transition-property:transform,stroke-width,-webkit-transform;-webkit-transition-timing-function:ease-in-out;transition-timing-function:ease-in-out}.navigation__toggle--main .svg-line-v--center{-webkit-transition-delay:0s;transition-delay:0s}.navigation__toggle--main .svg-line-v--edge{-webkit-transition-delay:.2s,.2s;transition-delay:.2s,.2s}.navigation__toggle--main.active .svg-line-v--edge{stroke-width:0!important;-webkit-transition-delay:0s,.2s;transition-delay:0s,.2s}.navigation__toggle--main.active .svg-line-v--top{-webkit-transform:translateY(14px);transform:translateY(14px)}.navigation__toggle--main.active 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.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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Middle-income, Millennial, and thrifty </h1> <div class="tile__body color-default " data-props-tagging-label="Text_Link-_-Hyperlink-_-" data-props-tagging-class="t-track-text-link" data-action="text-component"><p>Over the past two years, Millennials and middle-income consumers have been prioritizing bargains as they deal with rising costs.</p> </div> <div class="tile__metadata "> <span class="icon-communication-book" aria-hidden="true"></span> <div class="tile__metadata-text">2 min read</div> </div> </div> </div> </a> </div> </div> </div> </div> </div> </div> <div class="col col-xs-12 col-sm-4"> <div class="aem-wrap--tile-container"> <div class="tile-container tile-container--topic tile-container--col-1 " data-action="tile-container-component" data-props-initial-load-count="1" data-props-show-items-count="6"> <div class="container"> <div class="tiles row page-tiles "> <div class="aem-wrap--tile"> <a class="tile-anchor js-tile-anchor js-tile-tag-link t-track-tile-link" target="_self" 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separator--bottom-padding-none"> <div class="separator__line separator__line--transparent separator__line--thin"></div> </div></div> </div> </div> </div> </div> </div> </div></div> <div class="aem-wrap--page-anchor"> <a id="cnbc" class="page-anchor" href="#cnbc">Section</a> </div> <div class="aem-wrap--background-container"> <div class="background-container container-full-bleed background-container--pt-60 background-container--pb-60"> <div class="background-container__content container-fluid background-container--blue"> <div class="aem-wrap--layout-container"> <div id="layout_9443" class="layout-container "> <div class="layout-container__content container "> <div class="row"> <div class="col col-xs-12 col-sm-4"> <div class="aem-wrap--header"> <div class="header "> <div class="header__eyebrow header--eyebrow header--white"> in the media </div> <h2 class="header__headline header--h3 header--white"> Watch Liz Everett Krisberg discuss the latest findings from November’s Consumer Checkpoint on CNBC </h2> </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 style="color: white;">Our exclusive publication leverages the depth and breadth of our data to analyze consumer behavior and its effect on the economy in near real time. It has become a must read for government, business and investment leaders.</p> </div></div> <div class="aem-wrap--separator"> <div class="separator separator--transparent separator--top-padding-small separator--bottom-padding-small"> <div class="separator__line separator__line--transparent separator__line--thin"></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 class="aem-wrap--cta"> <div class="cta-container cta--left"> <a class="cta cta--caret cta--white t-track-cta-link" target="_self" href="/economic-insights/consumer-checkpoint-november-2024.html" data-bactmln="StandaloneCTA-_-CTA-_-to-read-the-full-analysis-go-to-consumer-checkpoint_/economic-insights/consumer-checkpoint-november-2024.html"> To read the full analysis go to Consumer Checkpoint</a> </div> </div> </div> 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closeTranscriptText="Close Transcript" closeDisclaimerText="Close Disclaimer" disclaimerTitle="Disclaimer" transcriptTitle="Transcript" carouselNextArrowText="Go to Next Item" carouselPreviousArrowText="Return to Previous Item" carouselDotsLabel="of" playlistItemLabel="Item {0} of {1} Play {2} video" validCloseCaptions="true" data-video-id="1_1kwioi3c_CNBC Squawk Box 241112 BofA Liz Everett Krisberg"> <div id="1_1kwioi3c" class="uc-media__player"> </div> <div class="uc-media-transcript" aria-hidden="true" aria-expanded="false"> <div class="uc-media-transcript__header"> <button aria-label="Close Transcript" class="uc-media-transcript__close uc-media-icon-close" tabindex="-1" title="Close Transcript"></button> </div> <div class="uc-media-transcript__container" tabindex="-1"> <h3 class="uc-media-transcript__title">Transcript</h3> <div class="uc-media-transcript__text"></div> </div> </div> <!-- {{{ --><script type="application/ld+json">{"@type":"VideoObject","name":"CNBC Squawk Box 241112 BofA Liz Everett Krisberg","description":"No description","thumbnailUrl":"https://cfvod.kaltura.com/p/4699762/sp/469976200/thumbnail/entry_id/1_1kwioi3c/version/100011","uploadDate":"2024-11-21T14:57:01-05:00","contentUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_1kwioi3c/format/url/protocol/https","embedUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_1kwioi3c/format/url/protocol/https","width":1920,"height":1080,"duration":"PT4M52S","transcript":"On screen copy: CNBC Market Alert On screen banner copy: Market Alert Rebecca Quick: All right, welcome back, everybody. U.S. consumer spending gaining some momentum as we head into the holidays. On screen copy: Household Credit & Debit Card Spending November’s BofA Consumer Checkpoint +1.0% YoY in October -0.9% YoY in September Source: BofA On screen banner copy: Market Alert. BofA Consumer Checkpoint Rebecca: Spending per household on Bank of America credit and debit cards rose 1% year over year in October. That was a rebound from a 9% — or a 0.9% decline in September. And joining us right now to talk about it is Liz Everett Krisberg. She’s the Head of the Bank of America Institute. Liz, how would you qualify or how would you describe the strength of the American consumer right now? Liz Everett Krisberg: I think the way to understand the strength is to look at consumer confidence, right? On screen banner copy: Market Alert. Liz Everett Krisberg | Bank of America Institute Liz: And we saw last Friday consumer confidence continued to go up for the fourth month in a row. We're now above — we're where we were back in April, and the question is why is that? On screen banner copy: Market Alert. BofA Consumer Checkpoint Liz: And our data gives a little bit of a clue in that when we look at the spending on necessity goods, so, gas, for example, it's coming down. Why? Because gas is deflating, because prices are coming down. If we look at groceries, food inflation is also coming down. So as consumers are feeling better about not having to spend as much on necessities, we're starting to see an increase in discretionary services. Restaurants in particular continue to go up. So that feeling of confidence in the consumer is, I think, what's driving some of the momentum. Rebecca: We've been trying to get a feel for what's happened since the election. It's really easy to see investor confidence when you just look at the stock market and the gains that we've seen in so many places there since election day last week. The data you're looking at is through October 31st, so it’s — Liz: So it's through the end of October, right. Rebecca: What can you tell us about anything you might have seen since — since the election? Liz: Well … you’ll have to have me back next month to talk about that, but what I can tell you is about expectations. And we're talking about the holiday season. On screen banner copy: Market Alert. Liz Everett Krisberg | Bank of America Institute Liz: I know it seems early to talk about holidays, but we are in November. And when we asked consumers how they feel about the holidays — we did a survey — they are saying they're going to spend on average $2,100 on the holidays this year, which is 7% higher than it was a year ago when they answered that question. On screen banner copy: Market Alert. BofA Consumer Checkpoint Liz: Now, before you get excited that there are going to be more presents under the tree, the reason they’re going to spend more, they're saying they're going to spend more, is because they're anticipating higher prices. Now, we're also seeing 60% of the people said that because they're anticipating these higher prices, they're going to do more shopping at discount stores. They’re going to do more value shopping, trade down, which is consistent with what we’ve really seen through the summer. We saw this in apparel stores, we saw this in restaurants, et cetera, where people are trading down to more value, but they're still consuming more. And I think the really other important part to understand is what's going on with wages because wages are going to continue to drive the consumer. And our wage data — our deposit data — is showing that every group is seeing their take-home pay accelerate. Higher-income, in particular, which is really important because as you know the higher-income drive more of the spending, they are — their wages are up 2% — were up 2% in October, which is a rebound from kind of the flat-to-negative of last year. Rebecca: Is that a precursor or tell us anything about the potential for inflation, like wage-driven inflation? Liz: Well, it does a little bit. Now, it's up. It's up 2%. But remember it was up high single digits, double digits before. On screen banner copy: Market Alert. Liz Everett Krisberg | Bank of America Institute Liz: So the wage inflation is coming down — Rebecca: OK. Liz: But it is still positive, and I think that’s an important part that’s bolstering the consumer’s confidence. On screen banner copy: Market Alert. BofA Consumer Checkpoint Rebecca: Can you break out spending geared toward Halloween or anything that people think of as pre-holiday? Liz: We don't break out Halloween in particular. We have a series that looks at what we consider holiday spending. And one of the things I would say that’s interesting to consider, and some of this may be that Halloween is considered a holiday, but consumers are now doing more of their holiday shopping, they're starting earlier and they’re doing more of it online. So, when we look at the holiday spend in October, so far it's tracking above where it was in 2023, sorry above where it was in 2022, and that is also because consumers have changed how they do that shopping. So no longer are people going to the mall on Christmas Eve like my brother and starting the shopping then. Instead, the period around Cyber Monday, which is coming up, is becoming increasingly important. So, since 2019, that has now grown to be 13% of total holiday spend. Rebecca: Wow. So even if you're seeing this increased online spending heading into it, that doesn't necessarily tell you it's going to be a better holiday shopping season? Liz: Correct. Rebecca: For the retailer? Liz: Correct, it doesn't. But I will say that when we look at the October data — again the shift to not only earlier but online — we're seeing online spend growth double the rate of brick-and-mortar spend growth. Rebecca: Wow. Liz: So people are shopping, again, earlier, online. But it still looks like there's momentum for the holiday season. Rebecca: Come back as soon as you can tell us about the post-election spend too. Liz: We’ll be here. Absolutely. Rebecca: Thanks, Liz. Liz: Thanks. 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