Sensibill, the only customer data platform designed specifically for the financial services industry, shares its 2021 Sensibill Barcode Report on consumer spending trends for the year, leveraging customer spend data, including SKU-level data and transactions, to uncover the deepest and most relevant insights into consumer spending.
The 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. Sensibill has amassed a database of transactions from 220,000 merchants worldwide, including all of the top 100 merchants in the U.S. and Canada. Of these merchants, the company has extracted more than 6 million unique SKUs across 32 different countries, developing more than 6,000 unique product categories. In this report, Sensibill analyzed millions of receipts from U.S. and Canadian consumers to reflect on consumer spending trends throughout this year compared to 2020.
Key Highlights & Trends
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U.S. & Canada:
- The average consumer spending since August continues to increase on average by 5% except for September, when there was a 10% decrease.
- Since June, consumer spending on travel-related purchases increased by 121% among American consumers, while it decreased by 86% among Canadian consumers. Overall, consumer travel spending among Canadian consumers increased by 44% while it declined by 15% among American consumers.
- After grocery trips were on the decline late in 2020, this year the number of grocery trips have increased on average by 20% each month.
- The average spending on baking-related items has tripled since the onset of the pandemic. Consumer spend on baking-related items has increased by 150% since April.
- Consumer spending on popcorn increased by 37% during the month of April. Popcorn consumption is still steadily on the rise and has increased by 11% since April.
- The average American consumer spending on kitchen-related improvements has doubled since May. On the other hand, Canadian consumer spending on door and window installations declined by 90% and spending on heating and ventilation declined by 65% since May.
- Since July, monthly consumer spending on pet-related purchases has dropped by approximately 12%.
Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “We’re proud of all the work we’ve done as a team to create our Barcode Report this year – and look forward to many more reports in our future. We’ve enjoyed uncovering the latest U.S. and Canadian-based consumer spend trends each month, gaining a better understanding of how consumers’ purchase habits and behaviors have shifted throughout the pandemic. As we, along with our readers, continue to follow the latest spending trends, we’re reminded of the value of leveraging data sources like SKU-level and transactions to treat each customer as a segment of one.”
Please click here for the full version of the report.
About Sensibill
Sensibill is the only customer data platform designed specifically for the financial services industry. The AI-powered platform combines ethically sourced first party data with real-time, actionable insights, helping financial institutions drive personalization at scale while creating compelling digital experiences for their customers. More than 60 million users across over 150 financial institutions in North America and the U.K. leverage Sensibill’s platform today. Visit www.getsensibill.com for more and check out our monthly Barcode Report for consumable and actionable insights based on consumer spending trends.
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