TORONTO–A new analysis reveals some New Year’s resolution-related spending trends and further shows what all the additional time being spent at home means for purchases.
The analysis, from Sensibill, is included in the newest Sensibill Barcode Report, which leverages customer spend data, including SKU-level data and transactions, to “uncover the deepest and most relevant insights into consumer spending,” according to the company.
The company said its Sensibill Barcode Report transforms customer spend data derived from financial documents into consumable and actionable insights that organizations can leverage to better understand their spending habits and behaviors, and is based on a first party database of transactions from 220,000 merchants worldwide, including all of the top 100 merchants in the U.S. and Canada.
Key Highlights & Trends
Among the findings in the U.S.:
- Total consumer spend during January 2021 was 10x more than January of 2020. Consumers spent 75% more on cleaning and organization supplies; 37% more on grocery store prepared food; and 48% more on fitness related equipment, clothing, and services, but spent 64% less on apparel and clothes.
- So far this January, consumers have spent the most on apparel and clothing. They spent 2x more on this category compared to cleaning and organization supplies, 1.3x more than fitness-related items and services, 1.5x more than meal subscription services, and 2.5x more than nutritional supplements.
- In 2020, consumers spent 4x more on fitness equipment than in 2020, and so far this year, consumer spend on fitness equipment is 2x more than 2020. Consumer spend on protein shakes has increased by 1.6x compared to 2020.
- In 2020 and 2021, cleaning solutions and tools made up approximately 69% of consumer spend in the cleaning and organizational supplies category, while storage boxes and solutions made up the remainder.
North of the Border
Among the findings in Canada:
- Total consumer spend last January was 1.2x more than January of 2020. Consumers spent 2x more on fitness equipment, attire, and services, and 200x more on budgeting apps.
- So far this year, consumers have spent the most on cleaning and organization supplies followed by fitness. Consumer spend in the cleaning and organization category is approximately 1.2x more than the fitness category.
- In 2021, there was no recorded consumer spend around gym memberships, and consumers spent 1.3x more on fitness equipment than in 2020. Last year, consumer spending on low-carb and keto-friendly food items during January dropped by 62%, while consumer spending on vegan-friendly food items increased by 24%.
Decline in Consumer Trust
“Consumer trust in the financial sector declined sharply in 2021 and financial institutions, like other business brands, need to prioritize retaining and earning back the trust of their customers in 2022,” said COO Izabella Gobowicz. “Financial customers are looking for relevance, transparency and empathy in communications – essentially to be seen as a person with their own needs and challenges. Insights from consumers’ buying patterns that reveal what matters to them outside of banking can be used to make messaging more authentic and to surface lifestyle goals that might benefit from budgeting tools, or from saving and lending products, to be realized.”
For the full report, click here.