JPMorgan Chase published revised consumer spending figures through March 27 that show an acceleration in overall spending growth in March. Total spending rose to roughly 5.8% year-over-year for the month, compared with a 5.0% increase in February.
The bank's data, compiled on a rolling seven-day basis with a lag, separates discretionary from non-discretionary categories. Through March 27, discretionary spending expanded by approximately 6.7% year-over-year, outpacing the roughly 4.2% growth in non-discretionary categories versus the same period in 2025.
When excluding gas station purchases, total spending still rose but at a slightly slower pace. Spending excluding gas stations climbed about 5.5% month-to-date through March 27 on a year-over-year basis, a touch below February's 5.6% growth. If the month ends with these trends intact, March would be the first month since October 2022 in which spending excluding gas grows more slowly than total spending.
Looking at a longer window, JPMorgan reported that total spending for the trailing 12 months ended March 27 increased by approximately 4.61%.
The increase in March was concentrated among younger consumers. Generation Z and Millennials led the gains, with spending up roughly 9.4% month-to-date through March 27 compared with the same period in 2025. That performance outpaced Generation X, which recorded about 2.9% growth, and Baby Boomers at about 1.5% growth. JPMorgan observed that part of the younger cohorts' stronger showing reflects typical life-cycle spending behavior, where income and spending tend to rise more quickly early in career cycles.
Sector-specific movements were pronounced in areas sensitive to commodity costs. Spending at gas stations jumped about 12.8% month-to-date through March 27 relative to the same period in 2025, a sharp reversal from February's negative 7.3% growth. JPMorgan linked the swing chiefly to higher oil prices and estimated that average gas prices between March 1 and March 27 were up about 17.8% versus the same period in 2025. The bank noted this creates a headwind for lower- and middle-income households.
Other retail categories also accelerated, with spending rising roughly 7.4% month-to-date through March 27 versus the same period in 2025, up from February's 6.7% year-over-year gain.
Airline spending showed a particularly large increase, climbing about 8.2% month-to-date through March 27 compared with the same period in 2025. This was markedly higher than February's approximate 2.1% year-over-year gain. JPMorgan attributed the surge in airline spending primarily to higher airfares resulting from rising jet fuel costs and a pull-forward in travel demand linked to the conflict in the Middle East.
The data provide a snapshot of shifting consumer behavior in early spring: stronger discretionary activity led by younger households, commodity-driven increases in gas and travel expenses, and a notable divergence between total spending and spending measures that exclude fuel purchases.