‘Barbenheimer’ is stimulating the economy
Bank of America cardholders increased their non-gasoline spending by 1.9% year over year during the week ending July 22, the bank said Thursday. While spending in many categories fell — including online electronics, home improvement, furniture and lodging — one area is surging: entertainment. Bank of America cardholders spent 13.2% more on entertainment than a year ago, easily the most out of any category tracked.
The film, distributed by CNN owner Warner Bros. Discovery, was the biggest-ever debut for a female director. Christopher Nolan’s “Oppenheimer” brought in another $82.5 million. The blockbuster results show how consumers are still spending aggressively in some areas — even as they pull back on goods and elsewhere. Federal Reserve Chair Jerome Powell was even asked on Wednesday about how demand for “Barbie” and Taylor Swift concerts is impacting the broader economy.
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