Investing.com - Bank of America card spending data showed total spending per household rose 4.8% year-over-year in April, with a 0.6% increase on a month-over-month seasonally adjusted basis.

The spending growth across categories was mixed during the month. Gas spending increased due to higher prices, while online retail purchases remained solid. Department stores, home improvement retailers, airlines and clothing stores all recorded declines, reversing gains from March.

Bank of America forecasts month-over-month increases of 0.4% in both retail sales excluding autos and the control group for April. The control group excludes autos, gas, building materials and restaurants. These projections are slightly below consensus estimates.

The bank estimates that the spike in gas prices has cost consumers approximately $25 billion. Despite this, credit and debit card spending held up well in March and April, even excluding gas purchases. This resilience is attributed largely to fiscal stimulus from the OBBBA, with tax refunds up around $50 billion on a year-over-year basis.

With Tax Day now past, the stimulus tailwind is slowing. Without relief at the pump, the gas price impact could weigh more meaningfully on consumers in coming months.

Non-discretionary spending picked up sharply among lower-income households in March and April. The gap between higher-income and lower-income spending growth is wider when focusing on spending excluding gas or discretionary purchases.