FIRST ReportFacteus Insight Report on Spending and Transactions (FIRST) Gain Insight on Changes in Consumer Spending Transactions
The FIRST Report is a series of weekly reports that will shed light on the impact of the COVID-19 pandemic on the consumer economy in the US. We plan to look at three super categories of the consumer economy: Retail, Entertainment and Travel. Focusing on both sectors and individual merchants, we will provide insight into how consumers are being impacted and how they are reacting in this unprecedented time. Our intent is to help businesses, governments, and economists have a current, accurate view of the economy during the COVID-19 pandemic so that they can make informed and timely decisions.
For the week ending May 30th we saw growth for all segments compared to 2019. Significant acceleration was measured in the Movie Theater and Cruise Line categories which have been the most depressed categories to date since we started the FIRST report. In the Travel category there was continued strength for Lodging and overall Travel Bookings.
The Home Supply Warehouse category’s slowing growth remained static week to week while other categories like Department and Discount Stores saw slower growth. Growth for both Amazon and Walmart continues to stay within narrow ranges.
Fast Food Restaurants remain unchanged in spending compared to 2019, while Restaurants saw a slight gain to an 18% growth rate compared to 2019. Video Games similarly see a slight boost in growth to 71% compared to 2019. The biggest percentage gain was in Movie Theaters, which grew by 24% to a decline of 59% compared to 2019.
Airline spending retreated to a 9% decline compared to 2019, down 4% from last week. Lodging spending meanwhile grew at a 6% rate compared to 2019. Cruise Lines and Travel Bookings continued to grow week over week.