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 epidemic 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.
In the latest installment of the FIRST Report, consumer spending for the week ending June 20th saw higher growth rates in the Retail and Entertainment segments. Travel spending was lower relative to 2019, but Airlines marked a milestone by posting the first growth number since the pandemic.
All Retail segments showed higher spending last week compared to 2019 except for Home Supply Warehouses. Amazon’s slowing growth trend from prior weeks reversed course with an uptick in spending compared to 2019.
The overall Restaurant category accelerated growth in contrast to a slowdown in Fast Food Restaurants growth compared to 2019. Video Games spiked back to near 80% growth in spending compared to 2019.
In the Travel segment, Airline spending showed positive growth compared to 2019 for the first time since the pandemic. Lodging spending slowed in growth compared to 2019, but remains positive.