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.
Enlightmint is a powerful analytics tool that brings transactional data sourced directly from financial institutions and payments companies to business and financial analysts. The online tool provides intelligent insights gleaned from millions of consumer transactions going back three years, covering more than 730 merchants and 270 publicly traded companies.
To learn more and to register for your free 14-day trial, visit enlightmint.facteus.com
FIRST REPORT: OCTOBER 7, 2020
Spending strengthened the week ending October 4, posting a 1% year-over-year increase in the aggregate, which is only the second time since the pandemic began that overall consumer spending reached the positive territory. Similar to recent weeks, Discount Stores, Wholesale Clubs, Home Supply Stores, Video Games, and Restaurants led the way with strong year-over-year gains. With congressional action on additional fiscal stimulus reaching an apparent stalemate, we will be monitoring these spending trends to see if consumers show more caution over the next several weeks.
Spending in the aggregate Retail segment during the week ending October 4 improved to 35% year-over-year growth, vs. 29% growth the prior week. The Discount category bounced nicely, with Discount Stores improving 10 percentage points to 45% year-over-year growth, and Wholesale Clubs improving 17 percentage points to 49% year over year. Home Supply stores continue to see strong spending growth at 58% year over year. Finally, the spending growth gap between Amazon and Walmart remains wide, with the e-commerce giant growing in excess of 60% year over year vs 10% growth at Walmart.
The aggregate Entertainment segment improved week to week, declining 9% year over year during the week ending October 4, vs. a 15% decline the prior week. Restaurants and Video Games remain the standout segments, growing 12% and 57% year over year respectively.
The aggregate Travel segment saw a 5 percentage point improvement week to week, posting a 37% year over year decline. Spending on Air Travel continued its steady but slow improvement from the trough, posting a 50% decline in the week, vs. a 53% decline the prior week. Spending on Lodging also saw a week-to-week improvement, showing only a small 4% decline year over year, vs an 11% decline the prior week.
FIRST REPORT ARCHIVE