With the US economy mostly shut, the impact to consumer spending has been dramatic. By examining transaction data from leading data provider 1010data, we can see the extent of the magnitude of damage to the consumer economy.
Prior to the European travel ban which went into effect in mid-March, weekly consumer spending in the US was fluctuating between -5% and 5% in terms of year over year growth. Within two weeks after the travel ban was implemented, credit card expenditures tracked by 1010data had falled 46%. After two weeks of bouncing along this spending trough, the US consumer has finally started to show signs of reacceleration. Peak weekly spending for the past four weeks has improved sequentially YoY: -35%, -34%, -32% and had recovered to -30% as of a week ago.
1010data allows us to dive in much deeper to see the sectors that are driving these moves. The most negatively impacted sectors of the consumer economy have been Airlines (-106%), Car Rental (-89%), Cruises (-106%), Hotels (-90%), Apparel (-62%) and Casual Dining (-70%) while the sectors seeing the most benefit have been Food Delivery (76%), Grocery Delivery (533%) and Office Supplies (10%).
As of the most recent data point in 1010data’s dataset, most US states were still completely shut down. Within the next two weeks a majority of states will be open for commerce in a more meaningful capacity and we will track how the recovery plays out.
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.
Sign up to receive our stories in your inbox.
Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.
Sign up to receive our stories in your inbox.
Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.
