Business Trends

Bank of America data finds that 2022 was a solid  year for consumer spending, but the new year brings new challenges

Bank of America data finds that 2022 was a solid  year for consumer spending, but the new year brings new challenges

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Bank of America Institute released new analysis today which shows that, while 2022 was a solid year for consumer spending, the New Year brings with it cross-currents for U.S. consumers, including a potentially weaker job market and easing inflation pressures in 2023. Although January and February are typically lighter months, New Year resolutions to get healthy may provide some support for spending.

BofA aggregated credit and debit card data indicates 2022 was a strong year for consumer spending, with total card spending per household up 5.9% year-over-year (YoY).

There was a stark difference, however, between retail/goods spending and non-retail spending (which includes services such as travel and entertainment); average YoY spending growth for retail in 2022 was 3.7% compared to a much stronger 10% in services.

2023 starts with consumers still facing higher living costs, especially utilities, partially driven by a colder December in 2022 than the prior year. BofA internal data shows that the average utility payment per customer increased 13% YoY in December, even as natural gas prices have dropped by more than 50% since the peak price levels in August 2022. And while the labor market remains tight, there are signs of wage growth moderation. According to BofA internal data, consumer after-tax wages decelerated to 2.7% YoY (3-month moving average) in December, from the high of 8% in April 2022.

With these trends in mind, a new year often signals a fresh start and good intentions, illustrated by an uptick in web searches for “gym memberships” each January. BofA internal data shows that between 2010 and 2019, credit and debit card spending per household at fitness clubs surged in January of each year, after relatively low levels during the winter holiday months. However, as of December 2022, card spending per household at fitness clubs remained 35% lower than pre-pandemic levels. Part of this weakness could be due to the rise of in-home fitness, which gained popularity since the pandemic because of migration out of city centers and a preference for social distancing, especially among older generations.

Other highlights of the Consumer Checkpoint include:

  • Total credit and debit card spending per household was up 5.9% YoY for all of 2022, with the YoY rate of growth slowing to 2.2% in December.
  • Overall total credit and debit card spend, which makes up over 20% of total payments, was up5% YoY in December, as total payments growth across all channels (Automated Clearing House (ACH), Bill Pay, Credit and Debit Card, Wires, Person-to-Person, Cash and Check) increased 1.4% YoY.
  • In 2022, in-home fitness spending (based on both cards and ACH) accounted for 16% of total fitness spending on average, down from 24% in 2020 but higher than the 11% in 2019.

“After a solid year in 2022, we expect the consumer to feel the weight of 2023. However, for now, they are heading to the gym in OK financial shape” said David Tinsley, senior economist for Bank of America Institute. “While the year is just beginning, a reduction in cost-of-living pressures and some easing in the labor market are expected to play a big role in determining the evolution of consumer spending.”

About the Consumer Checkpoint

Consumer Checkpoint is a regular publication from Bank of America Institute. It aims to provide a holistic and real-time estimate of US consumers’ spending and their financial well-being, leveraging the depth and breadth of Bank of America proprietary data. Such data is not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions, or performance of Bank of America.

See the Consumer Checkpoint for methodology and definitions.

About Bank of America Institute

Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, Environmental, Social and Governance (ESG), and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from 67 million consumer and small business clients, 54 million verified digital users, $3.8T in total payments in 2021 and $1.4T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.


Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at by Indian River Media Group. For more information or to report news email [email protected]

Jan. 13, 2023|

House of Hope creates edible landscape

House of Hope creates edible landscape

Sunflowers and blackberry bushes add color to the edible landscape outside of House of Hope’s administrative offices.


What better place to find fresh fruit, vegetables and herbs than in your own yard? House of Hope staffers challenged themselves to create an edible landscape in the front of the organization’s administrative offices on Dixie Highway, and their efforts are literally bearing fruit.

“We’ve helped to create gardens in other parts of the community and our Growing Hope Farm in Palm City is producing increasing amounts of fresh, nutritious produce for our clients,” said House of Hope CEO Rob Ranieri. “Becoming involved with the edible landscape movement seemed a logical next step for us at our main facility.”

Now, instead of the typical South Florida landscape with greenery that is pretty but not productive, House of Hope’s colorful landscape is peppered with eggplant, lemongrass, mint, blackberries, Barbados cherries, rosemary, oregano, and vibrant sunflowers. The plantings will change with the seasons so there will always be appropriate fruits and vegetables in bloom and ready for harvest.

House of Hope encourages residents, businesses and organizations throughout Martin County to re-evaluate their own landscapes and think creatively about how to establish an edible yard. “An edible landscape has enormous benefits,” Ranieri said. “It’s a great way to counter increasing prices at the grocery store, add quality nutrition to diets, be a good steward to the environment and teach young people about the source of their food.”

Another teaching tool is House of Hope’s Traveling Nutrition Garden. The mobile garden visits schools, community events, and neighborhood gatherings with hands-on information about what grows in South Florida and how to make healthier choices. Groups and organizations can contact House of Hope at 772-286-4673, ext. 1004 to schedule presentations.

Funding for the edible landscape project came from the Community Foundation for Palm Beach and Martin Counties, along with support from a fund donated in memory of Marnie Abate, one of the original founders of House of Hope and a long-time friend and supporter.

Healthy herbs like mint, rosemary, oregano and lemongrass are available right outside the front door of House of Hope.

About House of Hope

Founded in 1984, House of Hope is a 501(c)(3) nonprofit organization that empowers Martin County residents to overcome hunger and hardship. House of Hope touches the lives of more than 7,000 people each month helping with basic needs such as food, clothing, furniture, financial assistance, as well as longer-term case management services that help build life skills for a more self-sufficient future.

The organization has service centers and thrift stores in Stuart, Hobe Sound, Indiantown, and Jensen Beach. House of Hope’s Enrichment Centers in Golden Gate Center and Jensen Beach offer free programs, technology, and workshops designed to enhance life skills, earning potential, health, and overall well-being.

House of Hope also operates the Growing Hope Farm in Palm City and several nutrition gardens that provide sustainable sources of fresh produce for clients as well as nutrition education and vocational opportunities to the community. For more information, visit or call 772-286-4673. Updates and announcements can also be found on Facebook, Instagram Instagram, and Twitter.


Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at by Indian River Media Group. For more information or to report news email [email protected]


Jul. 20, 2022|

Trend to Watch: New Businesses Created

Trend to Watch: Amid Pandemic, New Businesses are Being Created at Fastest Pace on Record

Tom Kindred

Tom Kindred, FSBDC at IRSC Regional Director

While there is not much positive to say about the economic devastation caused by the COVID-19 pandemic locally and nationally, there is at least one silver lining. And with what we have gone through, we’ll take it.

According to new economic data, new businesses are being formed at the highest pace in years, and if history is any guide, a substantial number of these new small businesses will grow and create jobs, helping to power the economic recovery that is so desperately needed.

On the east coast of Florida, the Miami metro area has one of the nation’s highest levels of new business formation, so this trend could have a larger impact on our region’s economy.

“Startups represent the future of our region’s marketplace,” said Tom Kindred, Regional Director for the Florida SBDC at Indian River State College. “Small at inception, a number of these startup businesses will eventually grow providing employment opportunities, new services and innovative products, while driving economic expansion for the Treasure Coast.” 

Business formation nationally reached record highs in the first nine months of 2021, despite the spread of the COVID-19 Delta variant. The surge in new business formation began to take off in the middle of 2020, hitting record levels last year. Add to that the fact that monthly filings this year have remained well above historical norms, an indication of the trend’s staying power, according to New Economic Innovation Group’s Q3 analysis of Census Bureau data on new business applications.

Here are some of the findings:
New business applications among likely employers through Sept. 2021 were the highest of any year on record. The nearly 1.4 million applications filed to form new businesses likely to hire employees so far in 2021 represent 409,000 more filings than at the same point in 2019, or 255,000 more than at this point in 2020.

Business formation appears to be on a record-setting pace in 2021. The rate of filings in the first nine months of 2021 was 41% more than at this point in 2019 and 22% above the exceptional volume filed through September of 2020. The current year now claims six of the top 10 months for likely employer business filings on record.

Industries highly affected by the pandemic showed the largest gains. Applications were up across all major industry categories except agriculture and mining relative to 2019, and nearly three-quarters of the gains over 2019 levels appear in just four sectors: accommodation and food services; retail trade; health care and social assistance; and transportation and warehousing.

The lack of strong new business formation in the wake of the Great Recession hindered the US and Florida’s economic recovery for years, but the economic resurgence from the pandemic is shaping up quite differently. However, it is important to note that while the surge in new business applications is certainly promising, it will be some time before the extent of business closures due to the pandemic can be tallied and we have a full picture of the net effect of the pandemic on the country’s business and entrepreneurial landscape, the report said.

Still, ensuring that many of these new business applications turn into successful businesses will be crucial for putting the U.S. and local economy on a durable path to post-pandemic recovery and helping eliminate the startup deficit that built up in recent years.  

“The dream of owning and operating one’s own business does not come without risk, launching a new venture should only be done after considerable research and business planning has been completed,” said Kindred. “However, with the availability of inexpensive capital, multiple new business models, gig opportunities and a strong state and regional economy now is a good time to be entrepreneurial.”

As our region’s economic recovery begins to show signs of life, keep turning to Treasure Coast Business Magazine and the Small Biz Florida radio show for advice and resources for growing your new or existing business.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at by Indian River Media Group. For more information or to report news email mailto:[email protected].com [email protected] 


Jan. 17, 2022|


Not long ago a desert for craft beer lovers, the Treasure Coast is now home to 10 small breweries, one of them an easy drive for most people in the area. All 10 have been established in the past seven years and stretch from Sebastian in the north to the newest one in Stuart. None are in Okeechobee County yet.
Oct. 19, 2019|