Earnest Analytics (FKA Earnest Research) Spend Index growth was flat sequentially in July, as a notable improvement in online offset a deceleration in in-store. Online sales growth reversed several months of YoY declines on highly publicized summer events such as Amazon Prime Day. As a result, Online Marketplaces and Warehouse Clubs were standouts, growing mid-doubled digits YoY. Gas Stations spending decelerated more than any other major subcategory despite being the fastest growing. This second sequential month of decelerating Gas Station spending suggests gas prices could be easing up. Travel spending also decelerated in the month after very strong growth in early summer. Air Travel, Lodging & Accommodations all slowed to nearly flat growth YoY while Online Travel Agency decelerated significantly. See the Earnest Analytics (FKA Earnest Research) Spend Index for June (Note: Historical numbers could vary slightly due to methodology updates.)
*About the Earnest Analytics (FKA Earnest Research) Spend Index:
The Earnest Analytics (FKA 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.