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.
In the latest installment of the FIRST Report, for the week ending August 8, consumer spending growth accelerated across all tracked segments, except airline travel, compared to 2019. Retail and Entertainment spending experienced double-digit year over year growth compared to last week, while Travel maintained a steady growth rate.
Retail categories reversed the deceleration seen last week except for Home Supply Warehouses, which continued decelerating growth.
In the Entertainment segment, growth across all categories re-accelerated compared to 2019. Fast Food & Restaurant spending saw an uptick and movie theaters continued to show weekly growth compared to 2019.
In the Travel segment, spending growth declined for Airlines, while Alaska and United both diverged from the rest of the industry. Lodging continues to accelerate growth, compared to 2019.