Insights on Changing Consumer Spending

Facteus Insight Report on Consumer Spending and Transactions (FIRST)

Daily Consumer Spending Index

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: JUNE 10, 2020

Not much in the way of surprises in our twelfth installment of the FIRST reports. Some of the areas we have seen very strong growth in are starting to cool off a bit (Video Games, Amazon) while some of the more beat up segments are showing steady improvement (Restaurants, Travel). Reversion towards the mean is a powerful force, and it seems to be taking hold given the economy sits about 12 weeks past the start of the pandemic.

RETAIL

It appears that the Consumer Wholesale and Discount Store category has settled into a new normal in the wake of the COVID-19 pandemic. Spending in each subcategory is well above the levels seen at the beginning of the year, with the Discount Store subcategory showing the strongest and most resilient performance, putting up year-over-year growth of 49% in the week ending June 7.

Despite much of the country opening up in recent weeks, spending in the Home Supply category remained strong in the week ending June 7, growing 55% year-over-year, only a bit slower than the prior week.

Spending at Amazon started to slow in the week of June 7, growing 72% year-over-year, which was down from the prior week. Despite this moderation, it is still comfortably outpacing its retail rival Walmart, who grew 12% year-over-year.

ENTERTAINMENT

The opening up of cities across the country is having a beneficial effect on the restaurant space, with the overall category (-18% YoY) improving at a faster clip week to week than the Fast Food subcategory (+5% YoY). Traffic in sit down restaurants is clearly the driver here.

Spending in the Video Game segment is finally starting to lose some steam, with year over year growth of 57% in the week of June 7, down from a lofty 85% in the prior week. It’s worth noting that this segment is still well above the levels seen prior to COVID-19.

TRAVEL

Spending in the Travel segment continues to improve modestly, with Lodging (down 28% YoY) outpacing Air Travel (down 72% YoY). It’s worth pointing out that Alaska Airlines seems to be outpacing the overall category, only down 60% YoY this week, potentially owing to the region it serves and its lower exposure to international travel.

HEALTHCARE

Much like the prior four weeks, spending in Drug Store and Pharmacy category has remained fairly steady, growing 4% year-over-year in the week ending June 7.

FIRST REPORT ARCHIVE