The November Barcode: consumer spend signals “work-from-home” is here to stay
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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.
For November, we focused the Barcode Report on consumer spending trends related to tech and computer accessories.
In the U.S., consumer spend in electronics signal “work-from-home” is here to stay 🏠
Although the average consumer spend in the electronics category decreased by 14% in 2020, in 2021, the average consumer spend in this category has increased by 2%. In 2021, average consumer spend on computer accessories such as a keyboard, mouse, etc. was approximately 4 times more than spend on faxes & printers; and approximately 10 times more than spend on laptops.
Image credit: Sensibill Data Lab
The pandemic showed us the need for a smarter and more functional home in the U.S. 💡
Throughout the pandemic as we got accustomed to sharing our personal and professional space, consumer electronic spend behaviour has shifted from building a “comfortable and cozy home” to building a “functional and cozy home”. While laptops, ipads & tablets, and phones & phone accessories have maintained top priority throughout, as the new normal sets in, consumers have replaced fitness gadget purchases with fax & printer purchases in their top 5 spend categories. Afterall, with most of us working from home, the need for creating a fully functional home office has increased.
When we looked at the SKU level data on our receipts, we found that during the initial crisis of the pandemic, consumer spending on smart home devices increased 10 times, becoming one of the top 5 popular spend categories.
Image credit: Sensibill Data Lab
Setting up the perfect mobile-gaming experience 🎮
Although consumer spend on phones and phone accessories have dropped in priority slightly, they are still among the top spend categories for U.S. consumers. When we looked further into the items on each receipt, we found that Americans who purchase an iPhone were more likely to purchase a TV console and a TV mount. Infact, we found that the likelihood of purchasing a TV console and a TV mount increases by 10% if the consumer has previously purchased an iPhone.
“Home-office” and Fitness are top of mind for Canadian consumers in 2021 🖥️
Although the drop in average consumer electronics spend in 2021 is approximately 1.2 times more than that of 2020, consumer spend on electronic devices for home-office setups and fitness gadgets increased compared to 2020. In 2021, consumer spend on desktop computers increased by 73%, consumer spend on computer accessories increased by 28%, while consumer spend on fitness gadgets increased by 27%. With more time at home, consumers are looking for better ways to stay fit while sharing their personal space for professional purposes.
Image credit: Sensibill Data Lab
Gaming catches on as consumers spend more time in isolation in Canada 🎮
In the past 2 years, consumers have been fairly restricted from socializing or outdoor activities. With more time at home and in isolation, consumers were left to their own vices to entertain themselves. When we looked at item-level data on our receipts, we found that as the new normal sets in, consumer spend on gaming accessories increased by 25% since the pandemic started and is the most popular consumer electronics category. Consumer spend on laptops increased by 30% during the same time period. After all, video games provide the perfect escape into an alternate universe.
Image credit: Sensibill Data Lab
Canadians are setting up the perfect gaming experience 🎧
Video games have always been a good source of entertainment, but they have gained popularity during the pandemic. When we looked into the items on each receipt, we found that Canadian consumers who purchase an Xbox are more likely to also purchase earbuds and USB cables. The likelihood of purchasing earbuds and usb cables increases by 10% and 11% respectively, if the consumer has previously purchased an Xbox.
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