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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