TORONTO–A new analysis of consumer spending reveals the most popular “panic purchases” made by consumers during the pandemic.
According to Sensibill, a customer data platform designed for the financial services industry, said its newest “Barcode Report” offers insights on consumer spend related to panic-purchases, such as toilet paper and masks. The findings are based on customer spend data, including SKU-level data and transactions, to uncover the deepest and most relevant insights into consumer spending.
Sensibill said its database is based on transactions from 220,000 merchants worldwide, including 96% of the top 100 in the U.S. After examining millions of receipts from U.S. and Canadian consumers to determine consumers’ behavior and habits “as the world reopens,” Sensibill reported it found:
* Consumer spend on toilet paper ranked No. 1 in predicting “panic-purchase” behavior when compared to other spend indicators
* Online searches for toilet paper during the pandemic followed consumer spend in this category. “Out of the 12 months analyzed, consumer spending trends influenced the following month’s online searches 75% of the time. An increase in average consumer spend on toilet paper was followed by a 6 to 7 fold increase in online searches.
* In September 2020, the average consumer spend on toilet paper increased by approximately 9%, which was then followed by an 80% increase in online searches in October 2020.
* Based on its prediction models, Sensibill said the average consumer spend on toilet paper is expected to decrease at an approximate monthly rate of 10% in the next quarter, while the average consumer spend on masks is expected to grow 110% over the next quarter.
Mindset ‘Left Behind’
The company noted its most recent findings support trends highlighted in last month’s Barcode Report, which indicated consumer spending is returning to normal.
“Our deep analysis into everyday spending patterns, combined with data from Google, shows that consumers have left behind the panic-purchase mindset that persisted for months,” said COO Izabella Gabowicz. “Instead of purchases that reflect consumers hunkering down at home, the rise of mask purchases and growth of frozen food relative to fresh food suggest that consumers are preparing to spend more time out and about.”
For a full version of the report, go here.