The August Barcode: Consumer spend returning to normal
Image credit: Sensibill
The Barcode Report delivers the world’s deepest and most relevant insights on everyday consumer spending. We break down spend data into digestible and actionable facts, highlighting key trends that go beyond what you’d learn from simple card statements. We leverage item-level receipt data accumulated from millions of users across our network of banks, credit unions and technology partners. The Barcode dives beneath the surface of “how much was spent and where” and provides a true look at what consumers and small businesses are spending their money on.
In this report, we’re focusing on consumer spending insights from the last 3 months.
Key Highlights & Takeaways
Average consumer spend in the past 3 months is showing signs of normalcy, as it increases at an average rate of 0.3%
With the world beginning to open up, and more places to go to, the overall consumer spend has begun to increase, and almost mimics the consumer spend pattern of 2019.
Consumer spend on salons & spas are on the rise, growing at a monthly rate of 45%
As the world returns to pre-pandemic normalcy, consumers are looking for ways to improve their wellness and fitness by visiting salons and spas, which is seeing an average increase of 45%.
1.4X more consumers with movie related expenses purchased masks & sanitizer, when compared to consumers returning to other activities.
While everyone is starting to enjoy the return to movies, a subtle nervousness still hangs in the air. Mask & sanitizer purchases among consumers with movie-related expenses was approximately 1.4 times more than those returning to gyms.
Consumer spend suggests we are on a road to normalcy
In the past year and a half, as the pandemic continued on, we refrained from a plethora of activities we would have otherwise been doing in a pre-pandemic time, leading to a considerable shrinkage in consumer spending. However, in the last 3 months, overall consumer spend has been experiencing positive growth of approximately 0.3% every month. In fact, the consumer spend trend in the last 2- 3 months has begun to mimic the consumer trend of 2019 for the same period.
Wellness & Fitness are becoming top priority as the world opens up
The pandemic has kept us away from many activities such as eating out or meeting our loved ones. When we gleaned the SKU-level data on our receipts, we found that in the last 3 months average consumer spend in salon & spa category had the highest rate of increase per month at 45% while gym-related consumer spend has been increasing at an average monthly rate of 12% . After all, 2020 was no short of a roller coaster ride and everyone is turning to ways they can unwind, breathe and finally relax!
Enjoying with caution in the post-pandemic world
As excited and eager as everyone is in going back to doing things they love there is still some nervousness and caution in the air. This is evident in the consumer spend in the mask and sanitizer category, which has seen an average month-on-month increase of approximately 183% in the past 6 months. The SKU-level data in our receipts further suggests that mask and sanitizer purchases among consumers going to movies regularly was 1.4 times more than that among consumers returning to gyms.
Keeping up with health & wellness from the comfort of our home
If the pandemic has taught us anything it is to learn to adapt and continue doing things that are important to us. Even with the periods of restrictions, consumers continue to adapt and keep with health and wellness measures. When we looked at the SKU-level data in our receipts, we found that as consumer spending on at-home workout equipment increased during COVID so did the consumer spending on at-home salon products. After all, a day of pampering does help to push through the gloom of the pandemic!
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