Consumer Health Check Report on Spending Trends

The document is a Consumer Health Check report published by PNC Economics Research on April 13, 2026. It analyzes the impact of rising gas prices on consumer spending amidst the ongoing U.S. conflict with Iran. The report outlines that despite a 24% increase in average gasoline spending per household year-over-year, total consumer spending has risen by 4.6% in March, indicating resilience in consumer behavior. The report details that households have not significantly reduced spending in other categories, although there is a shift in spending composition, with gasoline taking a larger share. The fiscal support from the One Big Beautiful Bill Act is noted as a key factor in maintaining household liquidity, with average tax refunds up over 10% compared to the previous year. The document also discusses the potential risks to future spending if gas prices remain high and highlights the current state of the job market, noting a gradual increase in unemployment benefits.