Insights on Changing Consumer Spending
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FIRST REPORT: JUNE 24, 2020
Improvements in the Retail and Entertainment segments were the most notable changes we see in our latest FIRST report. Small improvements were seen in the Discount Store and Home Supply categories, while spending in the Video Game segment saw growth spike above 100% year–over–year again. Travel remains the most depressing segment we follow, particularly Air Travel, which continues to see declines in excess of 60%. Amazon remains a juggernaut, continuing to out–grow its retail rival Walmart by close to 70%.
Spending in the two of the sectors we follow in the Retail sector remained strong during the week ending June 21. In the Discount and Wholesale Club sector, Discount Stores grew 49% year–over–year, similar to the previous week, while Wholesale Clubs grew 38% year–over–year, a 10-percentage point increase over the prior week. The Home Supply sector also saw strong growth, up 58% year–over–year. Notably, these sectors seem to be exhibiting a sustained growth improvement in the midst of this pandemic.
Both Amazon and Walmart saw spending improvements in the week ending June 21, with Amazon growing 75% year–over–year, and Walmart growing 18%. Again, we will point out that Amazon appears to have opened a sizeable growth gap over its retail rival, one that appears to be sustainable.
Spending in the Restaurant segment has continued to improve, with spending in the overall category improving from the prior week (only down 7% year-over–year) while the Fast Food segment declined from the prior week (up 2%). Video Game spending saw a sharp snap back in the week, up 101% year–over–year, suggesting gaming may be taking precedence over summer weather.
Spending in the Travel segment saw little change from the prior week. Spending on Air Travel remains significantly depressed, falling 62% year–over–year, while spending on Lodging was down 18% year–over–year, the same rate it saw the prior week.
FIRST REPORT ARCHIVE