Bank CEOs: Consumers are Spending, Including on Movies and Cruises
Dow Jones
22 hours ago
It's all systems go for the American consumer, say bank executives, including strong spending on travel and entertainment.
-- "There is still quite strong spending across the board, and it has just not been changing really at all," said Wells Fargo CFO Mike Santomassimo at an investor conference. "You couple that with really good credit performance."
-- "The much rumored post-Covid wall that the consumer was going to hit didn't happen," said PNC Financial Services President Mark Wiedman.
-- Part of the spending growth is from higher gas prices, but discretionary spending is still strong, said Bank of America CEO Brian Moynihan. He shouted out cruise bookings, restaurants and out-of-home entertainment: "The movies have come back because they've had some good movies."
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