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 June 6th we saw softening in the growth rates compared to 2019. Continued acceleration was measured in the Movie Theater and Cruise Line categories. Travel segments saw a dip in growth rates compared to 2019, while Retail segments saw some upticks.
The Retail segments continue to trend in a fairly narrow range compared to 2019, with slight acceleration over the past week across all categories except Wholesale clubs and Variety Stores, which experienced week over week declines.
Fast Food Restaurants and Restaurants saw a slight deceleration of growth in spending compared to 2019. Video Games similarly saw a dip in growth compared to 2019. Movie Theaters continued its growth trajectory with a jump of 16% to a year over year decline of 43% compared to 2019.
Airlines, Lodging and Travel bookings all saw declines in spending compared to 2019. Cruise Lines continued to show modest growth with a decline of 71% compared to 2019.