Amid COVID-19 fears, data analytics show credit unions how to help

Thoughtful analysis is critical to an agile strategy and responsive member service during the pandemic.

by Karan Bhalla, CU Management

The upended sense of normalcy caused by the COVID-19 global pandemic has generated dramatic changes in consumer spending behavior.

CU Rise Analytics conducted a member spend analysis that looked at year-over-year and month-over-month (February to March) spending changes. The analysis suggests that COVID-19 has already had significant impact on purchasing patterns.

  • Airline spending dropped 40% YoY and 27% MoM.
  • Auto rental and taxi services fell 70% YoY.
  • Hotel spending fell 20% YoY and 25% MoM.
  • Grocery spending spiked by 50% YoY and average transaction size grew 21% to $51.30 MoM.

 

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