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 August 29, overall consumer spending ticked down to 10% year over year growth, compared to 2019. Across all three categories of Retail, Entertainment, and Travel, consumer spending growth is decelerating, with some segments seeing double digit declines compared to last week’s report.
All segments within the Retail category saw decelerated growth, compared to 2019. Amazon was the lone bright spot for the category with a small bump in spending compared to last week.
In the Entertainment segment, Restaurants and Movie Theaters were the only Entertainment categories that accelerated growth relative to 2019 last week.
The story within the Travel category is similar to others – consumer spending on Travel shows a large deceleration in Lodging and a steadying out of the decline in Airline spending compared to 2019.