Earnest Research Spend Index reaccelerated from March, as consumer spending lapped March 2021 stimulus checks and inflation remained above 8% YoY. Online spend remained below year ago levels for the second consecutive month while total spending swung to growth. Travel stood out, likely as higher fuel prices increased spending on Gas Stations, Air Travel, Lodging & Accommodations, and Online Travel Agency headed into the summer vacation season. Retail mostly declined YoY except for Fashion Resale and mass format consumer staples stores like Warehouse Clubs, Big Box Retailers, Supermarkets, and Pet Supplies. Gyms, and Workout Classes continued to handily outperform Home Fitness during the month. Spend growth recovered fastest in some of the states hit hardest during shutdowns like NV, DC, NY, and CA.
See the Earnest Research Spend Index for March (Note: Historical numbers could vary slightly due to methodology updates.)
*About the Earnest Research Spend Index:
The Earnest Research Spend Index (ERSI) is an alternative data-driven measure of consumer spending that tracks spend across 2,500+ large national brands in major consumer discretionary and staples subcategories. The near real-time data is derived from the credit and debit spend of millions of de-identified U.S. consumers. Advantages of using ERSI include better representation of e-commerce spend, disaggregation by geography, and online versus in-store breakouts.