JPMorgan: Consumer spending data shows U.S. consumer expenditure accelerated in March

Investing.com — JPMorgan Chase released the latest consumer spending data through March 27, showing that in March, total consumer spending growth accelerated to about 5.8% year over year, above February’s 5.0% growth rate.

These data are presented in a lagged rolling seven-day format, showing that through March 27, compared with the same period in 2025, growth in discretionary spending was 6.7%, exceeding the 4.2% growth rate for essentials spending.

Through March 27, total spending excluding gas stations rose 5.5% from the start of the month year over year, slightly below February’s 5.6% year-over-year growth. March is on track to be the first month since October 2022 in which spending excluding gas station spending growth is lower than total spending growth.

Over the past 12 months through March 27, total spending growth is about 4.61%.

Spending growth was driven by Gen Z and millennial consumers. From the start of March through March 27, their spending grew about 9.4% year over year compared with the same period in 2025. This outpaced Gen X’s 2.9% growth and baby boomers’ 1.5% growth. JPMorgan Chase said the relatively strong performance of younger groups is partly attributable to life-cycle consumption behavior, because income and spending grow fastest in the early stages of one’s career.

Through March 27, gas station spending from the start of the month through March 27 surged about 12.8% year over year versus the same period in 2025, mainly driven by higher oil prices. This marks a significant turnaround from February’s -7.3% growth. JPMorgan Chase estimated that the average gasoline price during March 1–27 rose about 17.8% compared with the same period in 2025, putting pressure on middle- and low-income consumers.

Through March 27, other retail spending from the start of the month through March 27 grew about 7.4% year over year versus the same period in 2025, accelerating from February’s 6.7% year-over-year growth.

Through March 27, airline spending from the start of the month through March 27 grew about 8.2% year over year versus the same period in 2025, significantly higher than February’s approximately 2.1% year-over-year growth. JPMorgan Chase attributed the jump in airline spending mainly to rising airfare prices caused by soaring airline fuel costs, as well as a release of travel demand related to the conflict in the Middle East occurring earlier.

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