The Barcode Report Review 2021: A Year in Receipts
Looking back at the monthly Barcode Reports and purchasing trends in 2021 as we head into 2022.
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.
2021 proved to be another game-changer in consumer insights and behaviours. With the world changing around us, we captured this ebb and flow of consumer behaviours through our receipt data.
Canadian consumers were gearing up to make their homes more energy efficient with a new installation of doors & windows, while American consumers were trying to fulfill their dream of being in a Master Chef kitchen. Almost 6 months since we last checked in, kitchen improvements are still ongoing for American consumers. Average American consumer spending on kitchen-related improvements has doubled since May 2021. On the other hand, Canadian consumer spending on door & window installations declined by 90%, and on heating and ventilation by 65% since May 2021.
Then as vaccination clinics took off and travel restrictions reduced, we saw consumers jump back into traveling, but with caution. In June this year, we saw consumer spending on travel-related purchases increase by 121% among American consumers, while it had decreased by 86% among Canadian consumers. The pandemic landscape has changed and evolved rapidly since then.
However, this increase has slowed down since. Since July 2021, monthly consumer spending on pet-related purchases has dropped by approximately 12%.
And guess what, we weren't that far off! Average consumer spending since August 2021 has continued to increase on average by 5% barring September 2021 where we saw a 10% decrease in consumer spending.
If you missed the greatest debates of this year, apple pie vs pumpkin pie, be sure to check out the outcome here.
Finally, as we crept up to the shopping season, we discovered a lot of purchases were signaling more permanency in the “work-from-home” model.
We, at the Data Lab, have thoroughly enjoyed turning SKU level data from our receipts into meaningful insights. And as we wrap up this year and get our lab ready for more exciting experiments, here is wishing all our readers a Happy Holidays and Happy New Year!