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 30, 2020
Overall spending levels weakened a bit in the week ending September 27, declining 5% year over year vs. a 2% decline the prior week. The weakening was largely centered in Retail, with notable week over week deceleration at Discount Stores and Wholesale Clubs, though both segments remain at robust absolute levels. Video Games and Home Supply stores both maintained strong levels of growth, while the Travel segment remains the laggard. Amazon continues to maintain a healthy 50 percentage point growth gap over its retail competitor Walmart.
For the week ending September 27, spending in the aggregate Retail category grew 29% year over year, down from 35% the prior week. The bulk of the weakening was driven by Discount Stores and Wholesale Clubs, which both declined by 14 and 24 percentage points respectively from the prior week. Spending in the Home Supply space was similar to the prior week, growing 50% year over year vs. 55% the week ending September 20. The gap in spending growth between retail giants Amazon and Walmart remains wide, with Amazon growing 61% year over year vs Walmart’s 10%.
Spending in the Entertainment segment fell slightly from the prior week, falling 15% year over year. Consumer spending at Restaurants remained steady, growing 7% year over year during the week ending September 27, with the Fast Food segment unchanged at 14% growth. The Video Game sector remained strong, growing 41% year over year, similar to the prior week.
Spending in the aggregate Travel category was unchanged from prior week levels, falling 42% year over year. The Air Travel segment continued its slow march of improvement, declining 53% year over year, vs. 55% decline the prior week. Spending in the Lodging segment was unchanged week to week, declining 11% year over year.
FIRST REPORT ARCHIVE