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: SEPTEMBER 2, 2020
The expiration of enhanced unemployment benefits and the lack of an additional stimulus plan may be starting to impact consumer spending. Our panel shows an aggregate decline of 9% year over year, with all three segments showing week-to-week worsening. There remain bright spots as spending in the Home Supply and Video Game segments remain robust, and Amazon continues to grow at a pace above 60% year over year. However, this is the second consecutive week of deceleration, suggesting consumers are starting to exercise more caution on spending.
Spending in the aggregate Retail sector declined from prior week levels, falling from 29% to 21% growth year over year in the week ending August 30. The biggest decliner week to week was the Home Supply sector which saw year-over-year growth fall from 52% year over year to 39%. Discount Stores growth also fell 8 percentage points from the prior week to 30% growth.
While both Amazon and Walmart both saw declines in growth from the prior week, Amazon still maintained its growth gap over Walmart during the week of August 30, growing 62% year over year to Walmart’s 3%.
Spending in the aggregate Entertainment segment also backtracked from the prior week, declining 18% year over year vs only a 13% decline the prior week, and 8 percentage points than its high watermark seen the week of August 16. The aggregate Restaurant category and Fast Food category only saw small declines week to week. The standout category continues to be the Video Game segment which grew 74% year over year, up from 63% growth the prior week.
Not surprisingly the Travel sector continues to be the laggard in recovery, falling 44% year over year, a decline from the prior week. Interestingly, the Air Travel segment saw week-to-week improvement, declining 60% this week vs. 63% the prior week. The Lodging segment continued to back slide, declining 10% year over year vs. 5% the prior week.
FIRST REPORT ARCHIVE