TORONTO–It won’t come as a surprise to many in credit unions that due to the lockdowns people across North America have been pouring money into home improvement projects. Now, new research offers additional insights into where at home many CU members have been focused.
The new findings from Sensibill’s “The Barcode Report,” which says it seeks to transform SKU-level data derived from digital receipts into consumable and actionable facts.
In the new analysis, which defines pre-pandemic spending as 2019 through the end of February 2020 and the onset of the pandemic as March 2020 through March 2021, the company said the data show:
- With people spending more time at home, the average consumer spend on home renovations has increased by 14% since the pandemic started
- Home cooking has been on the rise since the pandemic’s onset, and so have kitchen upgrades. Consumer spend on kitchen renovations has nearly quadrupled since the start of the pandemic
- Average consumer spending on cleaning and decluttering increased 110% since the pandemic started. Those that purchase products in the Storage & Cleaning category are also more likely to spend on bathroom renovations (the likelihood of purchasing items for a bathroom renovation increases by 8% if the consumer has previously purchased Storage & Cleaning items)
‘More Personal Experiences’
“Receipts provide more than surface-level information; data collected from them can bring value at an ecosystem level, helping to create differentiating and personalizing customer experiences across any industry,” Izabella Gabowicz, COO with Sensibill. “To understand what people value and need, organizations must know how they spend their time and money. Our monthly Barcode Report gives companies greater visibility into consumer spending habits and behaviors, allowing them to better understand customers’ preferences and needs.”
For info, go here.