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 13th we saw overall spending remain at 7% year over year growth compared to 2019. The biggest change in spending was a continued acceleration for Travel, falling shy of 2019 spending levels by only 4%. Retail maintains its growth rate while Entertainment slows slightly.
The Retail segments continue to trend in a fairly narrow range compared to 2019. Amazon’s trend is worth noting, with four weeks in a row of decelerating growth.
Restaurants saw a deceleration of growth while Fast Food ticked up in spending compared to 2019, potentially in correlation with the increased traveling consumers are doing. Video Games continue to decelerate growth compared to 2019.
The Travel categories continue trending toward parity in spending compared to 2019 or surpassing it in the case of Lodging. This behavior is potentially impacting spending in other discretionary categories such as Retail, Restaurants and Video Games.