Despite fears of a recession, consumer spending has remained resilient, and higher-income households are now driving growth, according to David Tinsley, senior economist at the Bank of America Institute. Tinsley described the institute as a “think tank” that leverages Bank of America Corp.’s vast financial data for research accessible to the public. Consumer spending has shown strength despite economic uncertainties, he told the audience. Tinsley said the institute doesn’t see signs of a consumer slowdown. However, a slight pullback earlier this year was largely weather related. Analyzing income distribution, Tinsley highlighted that, now, the pecking order in our data of consumer spending growth is high, middle, low.” He emphasized the weight of high-income consumers in economic stability, adding, “the top 20% of households by income contribute four times as much to U.S. consumer spending than the bottom 20%.” Rising food prices and utility costs pose challenges, particularly for lower-income consumers. Utility bills have also spiked, with Charlotte experiencing a “just over 10% year-on-year rise,” Tinsley said. Lower-income households feel these increases more acutely as a percentage of their total expenses. Tinsley said small-business activity remains positive, with profitability and hiring holding steady.