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 September 7, Consumer spending was a mixed bag for Labor Day weekend with growth in Retail and Travel (driven mostly by lodging), and modest decelerations in Entertainment (driven by movie theaters and restaurant chains), compared to 2019. Note, potential year-over-year distortions exist due to 2019 week ending on Labor Day Monday and 2021 week ending on Sunday before Labor Day.
Home Supply Warehouses and Department Stores showed an acceleration of growth relative to 2019. Amazon had a significant growth deceleration to 50% compared 2019, potentially because of the timing base effects.
Fast Food Restaurants was the only Entertainment category that accelerated growth relative to 2019 last week. A significant deceleration was observed in the Video Game category.