Bank executives: Consumer is still spending as holiday season approaches

Despite sluggish consumer sentiment, elevated interest rates and rising energy costs, American consumers continue to spend as the 2026 holiday season approaches.

- Credit and debit card sales volume was up 10% compared with a year earlier at JPMorganChase.
- Debit card spending increased 8% YoY, up from 5% growth a year earlier while credit card spending jumped 12% at Wells Fargo.
- General-purpose card spending rose by 13% at Citigroup.

And consumers are paying off their credit card debt. JPMorgan's consumer card net charge-off rate declined to 2.91%, while Wells Fargo and Citi also reported improving consumer credit quality.

"The consumer is still driving much of the growth," Citi CEO Jane Fraser, DBE said on the bank's earnings call, adding "The labor market is stable and companies remain active." Strong employment and wage growth have helped Americans absorb higher prices, according to Wells Fargo CFO Mike Santomassimo.

Read more: Bank earnings: Americans keep spending despite higher costs (Axios)