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.
For the week ending June 27 consumer spending saw lower growth rates in Retail, while Travel and Entertainment segments stayed steady compared to last week. Movie Theaters saw a big jump compared to last week and Airline spending dipped below 2019 levels, but continues to show strength in specific brands.
All Retail segments showed lower spending last week compared to 2019 except for Amazon which posted a strong week compared to 2019 for Prime Days (June 21-22). Walmart dipped below spending levels seen in 2019 potentially because of demand being pulled by Amazon.
Recent growth for the overall Restaurant category tapered off, while Fast Food Restaurants saw a slight increase in spending relative to 2019. Video Games also slowed growth to the 60% mark compared to 2019.
In the Travel segment, Airline spending slightly dipped below 2019 levels. Specific airlines such as United and Alaska continue to build on momentum to get to pre-pandemic levels. Lodging continues to post spending growth relative to 2019.