Are K-shaped spending patterns on their way out? But Bank of America economists wrote in a recent report that, excluding gasoline, annual growth in lower-income household spending has now outpaced higher-income household growth for two weeks, countering the K-shaped trend. "This is a reversal of the K-shaped spending dynamics that have characterized consumer spending for over a year," Bank of America economist Aditya Bhave wrote in a note Tuesday. Spending on discretionary, nonessential goods is also outpacing spending on staples across most income categories, a sign of consumers' confidence. Low-income consumers are especially sensitive to inflation, and rising gas prices could force them to cut spending on everything else.