INSIGHTS ON CHANGING CONSUMER BEHAVIOR
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: MAY 13, 2020
In our eighth installment of the FIRST report, the overriding theme is a moderate decline in spending metrics from the prior week. Almost every sector we monitor saw negative changes in their rates of growth (or rates of decline) from the prior week. The only segment of note that saw material improvement was the Lodging sector, which is attempting to crawl out of a very deep hole. While some states have started to reopen their economies, it does not appear that the easing of restrictions had a material impact on consumer spending just yet.
Spending in the Discount category and the Home Supply category remained strong in the week ending May 10. Home Supply spending was the strongest, growing 64% year over year, though slowing from the pace seen the previous week. Discount Stores saw spending grow 53% in the period, the strongest in its category, but also saw its rate of growth moderate from the prior week.
Spending at Amazon and Walmart remained strong during the week of May 10, though both saw the rate of growth fall from the previous week’s level. We continue to be impressed by Amazon, who has been able to support year over year growth rates in excess of 80% for the last four weeks, despite its enormous size. Its growth in the May 10 period fell to just under 100%.
While we started seeing some restrictions in certain states being eased, it did not seem to move the needle much in the aggregate in the restaurant space during the week ending May 10. Spending in the aggregate Restaurant category dropped 39% year over year, similar to what it saw in the prior week. Spending on Fast Food dipped into negative territory, declining 3% year over year, after growing 2% the prior week.
Spending on Video Games continued to have a strong tailwind, growing 81% year over year in the week of May 10. Much like almost every other category, its growth rate declined from the prior week.
Travel remains a difficult sector, with airlines, in particular, showing no real signs of improvement. There is some sign of improvement in the Lodging sector, as the decline of 54% year over year during the week of May 10 improved from the 60% decline seen in the prior weeks. Lodging was one of the only sectors to see week to week improvement.
The Drug Store/Pharmacy sector showed modest spending growth in the week ending May 10, growing 3% year over year. Like most other sectors we are following, it too saw a decline in its growth rate from the prior week.
FIRST REPORT ARCHIVE