Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research determine where and how companies may appear. Learn more about how we make money.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

By Alicia Adamczyk
July 12, 2016
Dan Dalton—Getty Images/Caiaimage

While it may seem counterintuitive to report this on Amazon Prime Day, a faux retail holiday developed by the U.S.’s largest e-retailer to move merchandise, it turns out Americans aren’t buying quite as much stuff these days.

According to Business Insider, after aggregating data on consumers’ credit and debit purchases, Bank of America Merrill Lynch found that people are spending much less on things and spending more on experiences.

BI reports that economist Michelle Meyer wrote in a note to clients on Tuesday,

The data found that spending at brick-and-mortar retailers like Nordstrom and Macy’s was down 4% from the previous year, while home goods saw a spending decrease of 3.6%, and electronics sales were down 3%.

Read Next: 12 Major Retailers Closing Stores Like Crazy

As for companies seeing gains in sales, sporting goods shops and the travel industry saw gains, again emphasizing that people are spending less on clothes and accessories and more on vacations and activities. So, too, spending at restaurants and bars has increased: In fact, as Money reported, Americans now spend more at restaurants than at grocery stores.

A separate report BI published in May found that Americans are spending the money they’re saving on gas on things like recreation and dining out.

It also helps explain why scores of retail chains and malls have been closing down shop (along with the rise of e-retailers like Amazon and cautious spending after the Great Recession).

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

EDIT POST