Insights on Changing Consumer Spending
The daily US Consumer Spend Index shows the percentage change in spending on a daily basis, compared to consumer spending in 2019.
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FIRST REPORT: OCTOBER 14, 2020
Consumer spending eased up a bit the week ending October 11, falling 3% year over year after going positive in the prior week. The biggest week-to-week declines came in the Retail category, with the biggest drop showing up in the Department Store segment. Amazon continues to outperform, with another week growing in excess of 60% year over year. Video Games was the standout segment in terms of growth, surging 83% year over year.
The aggregate Retail category saw a fairly steep drop in spending from the prior week, growing 26% year over year in the week ending October 11, vs 35% growth in the prior week. The biggest drop came in the Department Store segment, with spending growth falling to 12% year over year growth vs. 26% the prior week. Discount Stores and Wholesale Clubs also saw week-to-week drops, growing 36% and 42% year over year respectively. The Home Supply segment also dropped week over week but is still growing at a 50% pace over 2019. The gap between Amazon and Walmart remains wide. More impressively, Amazon has maintained year-on-year growth in excess of 60% for the entirety of the pandemic. Look for a big spike next week in Amazon spending growth driven by Prime Day.
Spending in the aggregate Entertainment category was largely unchanged from the prior week, declining 8% year over year. Spending growth in the Restaurant segment slowed a bit from 12% to 7% year over year, and growth in the Fast Food segment fell from 19% to 15%. The bright spot is the Video Game segment, which saw spending growth surge, growing 83% year over year, up from 57% the prior week.
Spending in the aggregate Travel segment decelerated a bit in the week ending October 11, declining 42% year over year. Interestingly, Air Travel saw its first week to week decline since mid-July, posting a 53% decline in the week. Lodging spends also retracted a bit, declining 9% year over year, down from a 4% decline in the prior week.
FIRST REPORT ARCHIVE