According to data from 1010data, a company tracking US credit card spending behavior, consumer spending collapsed at the end of March.
Spending on consumer credit and debit cards in the US had been mostly flat year over year heading into the European travel ban. Beginning on March 13th there was a freefall in spending which hit a bottom at a 46.3% year over year decline. Overall spend recovered slightly to down 32.9% by April 1st.
Diving into the specific sectors of the economy that have been impacted, Travel was by far the worst, declining 90% in overall spend.
The data from 1010data paints a scary picture for how the rest of 2020 is likely to play out. As discretionary spends come to a halt it will ripple through the supply chains of the companies impacted and ultimately lead to more layoffs in the future.
To learn more about the data behind this article and what 1010 data has to offer, please reach out to Andy Burrow at andy.burrow@1010data.com.
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