The Barcode: making cents of consumer spend in home improvement
Image credit: Sensibill
Welcome to The Barcode, Sensibill’s quarterly report where we share insights into consumer trends and behaviors that your financial institution needs to nurture your customers’ financial wellness.
In “Making Cents of Consumer Spend in Home Improvement”, we’re sharing valuable data and insights into customer spend in home improvement—and how these insights can help you drive engagement and personalization.
What’s the connection between pride of ownership and the global COVID-19 pandemic?
Answer: home improvement!
We know, it sounds odd—after all, why would home renovations be at the top of people’s lists for pandemic to-do’s? However, throughout 2020 customers’ purchasing and transaction behaviors have undeniably shifted, revealing key insights into consumer spend trends.
We analyzed anonymized end-user receipts from home improvement retailers to gather valuable insights into the spend and transaction behaviors of customers at the SKU-level during the Summer months of the COVID-19 pandemic. The data we gathered surrounding these purchases illuminates significant insights that can tell financial institutions a lot about their customers; not only their current needs but their future ones, as well.