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: JULY 29, 2020
The US consumer economy appears to be in a holding pattern, with very little change taking place in growth trends this week as compared with the prior week. Spending trends remain strong in the Discount and Home Supply segments, and Amazon spend rebounded sharply as expected. Spending on Dining and Travel seems to have stalled at current growth trends, suggesting consumers are taking a wait-and-see attitude as COVID-19 cases increase across the US.
Consumer spend in the Retail space was largely unchanged from the prior week, growing 23% year over year. In the Discount and Wholesale category, Discount Stores saw a small bump up to 41% growth, year over year, and assumed the top spot. Spending growth in the Home Supply category remained strong at 38% year over year.
After a sharp decline the prior week because of the rescheduling of Prime Day, spending growth at Amazon rebounded as expected, growing 72% year over year, well ahead of Walmart who posted 3% year over year growth. The growth gap between Amazon and Walmart in the face of the pandemic is one of the most underappreciated developments this year.
Spending in the Entertainment segment was slightly worse than the prior week, declining 26% year over year. The restaurant category overall was largely unchanged from the prior week, declining 9%, while Fast Food saw 6% growth. Growth in Video Game spend eased off its torrid pace, growing 49% year over year, down from 64% the prior week.
Travel spend appears to have hit its ceiling for the time being, with Air Travel spend down 71% and Lodging spend down 21%, similar to the declines seen last week.
FIRST REPORT ARCHIVE