Sensibill’s Barcode Report Explores Consumer Tech-Related Spending Trends Throughout the Pandemic
Consumer spend data expert analyzes the increase in tech purchases in 2021
TORONTO, Nov. 9, 2021 – Sensibill, the only customer data platform designed specifically for the financial services industry, shares this month’s Barcode Report on consumer spending trends related to tech and computer accessories, leveraging customer spend data, including SKU-level data and transactions, to uncover the deepest and most relevant insights into consumer spending.
The 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 96% of the top 100 in the U.S. 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 show how technology needs have shifted throughout the pandemic.
Key Highlights & Trends
In 2021, average consumer spend on computer accessories such as keyboards, mouse, etc. was approximately 4 times more than faxes and printers, and approximately 10 times more than laptops.
While laptops, iPads and tablets, and phones and phone accessories, maintained top priority throughout 2021, consumers replaced fitness gadget purchases with fax and printer purchases in their top five spend categories. During the initial crisis of the pandemic, consumer spending on smart home devices increased 10 times, and became one of the top five popular spend categories
The likelihood of purchasing a TV console and a TV mount increases by 10% if the consumer has previously purchased an iPhone.
Although the drop in consumer spend in 2021 is approximately 1.2 times more than 2020, consumer spend on electronic services for home office setups and fitness gadgets still increased compared to 2020. In 2021, consumer spend on desktops increased by 73% and computer accessories by 28%, while fitness gadgets increased by 27%.
Consumer spend on gaming accessories increased by 25% since the pandemic started and is the most popular consumer electronics category, while consumer spend on laptops increased by 30% during the same period.
For smaller tech accessories, the likelihood of purchasing earbuds and USB cables increased by 10% and 11% respectively, if the consumer had previously purchased an Xbox.
Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “Based on these trends, financial institutions can tailor loyalty and reward offers to incentivize consumers to use their cards for tech-related purchases. Or, knowing some of these purchases may be expensive, such as a new desktop or laptop, a bank or credit union might consider offering a line of credit or payment deferral plan as an alternative to popular BNPL plans. With Black Friday quickly approaching, financial institutions that capitalize on this knowledge of what people are buying now, can ensure their cards are top-of-wallet.”
Please click here for the full version of the report.
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.