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 July 4th consumer spending saw lower growth rates in Retail and Entertainment, while Travel saw marginal gains in comparison to 2019. Categories with the biggest gains were Wholesale Clubs, Fast Food Restaurants, Cruise Lines, and Lodging.
In the Retail Segment, there were slight gains in consumer spending compared to 2019 week over week for Department & Grocery Stores as well as Wholesale Clubs, potentially indicative of consumers preparing for July 4th celebrations. Amazon decelerated to a 62% growth rate compared to 2019 after the Prime day high. Walmart spending continues to shrink compared to 2019 with a 1% decline week to week.
Overall Restaurant growth declined to 14% compared to 2019, while Fast Food Restaurants saw a slight increase in spending relative to 2019. Video Games also posted a slight growth to the 55% mark compared to 2019.
In the Travel Segment, Lodging, Airlines, and Cruise Lines continue to show growing spend patterns relative to 2019.