As of mid-February 2020, before the hammer in the US fell on what we now know to be COVID-19, consumer spending was seeing a year over year growth of 1.5%, according to proprietary data gathered by leading analytical intelligence and consumer transaction data provider 1010data. That 1.5% is no more, according to a new report released March 26, "COVID-19 Retail Impact: Sector Spending in the Face of a Pandemic," the first in a series by 1010data analyzing retail sector spending trends during the pandemic.
“While of course no comparison to the loss of life, the economic impacts of the virus have and will continue to threaten the livelihoods of millions of Americans, now and into the foreseeable future,” noted Andy Mantis, Chief Business Officer 1010data Insights. Using their access to unparalleled data from US consumer credit and debit transactions to understand where the pandemic is hitting the hardest, 1010data has aggregated and charted data showing the fluctuations in retail spending since the outbreak hit American shores.
The data compares consumer retail sectors to both their past performances as well as current sales in other sectors such as airline travel, US cruise and hospitality. The report covers spending trends in the following categories:
- Consumer Staples year over year and by geography
- Discretionary spend
- Office supplies
- US Cruise Industry