Sensibill’s Barcode Report Explores Thanksgiving Spending Trends
Consumer spend data expert analyzes purchases around Thanksgiving Day
TORONTO, Oct. 14, 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 Thanksgiving Day, 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 during the past three Thanksgiving seasons, 2018-2020. Thanksgiving for Canadians falls on the second Monday of every year and fourth Thursday for those in the U.S.
Key Highlights & Trends
· Grocery shopping accounted for, on average, 30% of a consumer’s expenses in the days leading up to Thanksgiving Day. On Thanksgiving Day, an average of 72% of a consumer’s expenses were from ordering from or eating at their favorite restaurant. Travel expenses during this time also increased by 175%.
· Consumer spending on cranberries increased 244% on average in the days before Thanksgiving, while consumer spending on marshmallows increased by 233% during the same period. Consumer spend in both of these categories drastically dropped in the days following Thanksgiving.
· Consumer spend on pies in the days leading up to Thanksgiving experienced only a 2% increase compared to other months. Apple pies have been topping the list (when compared to pumpkin, lemon, blueberry, and rhubarb pies) among consumers since 2019.
· On Thanksgiving Day, consumer spend on general merchandise dropped by an average of 20%, only to increase by 75% in the days following Thanksgiving. In the days following, consumer spend in general merchandise accounted for an average of 7% of a consumer’s total spend.
· Consumer spend in serveware increased by an average of 16%, spend on alcohol increased by an average of 12%, and turkey purchases increased by an average of 19% in the days leading up to Thanksgiving.
· Consumer spending on pies increased by an average of 21% during Thanksgiving – and continued to increase even after Thanksgiving by 6 to 7 times more. Apple pies have maintained a top preference (when compared to pumpkin, lemon, blueberry, and rhubarb pies) among consumers since 2018.
Izabella Gabowicz, Chief Operating Officer at Sensibill, said, “The key to activation of card loyalty is to have the right offer to reach the customer at the right time. By understanding when and how consumer spending shifts through the seasons, a financial institution can ensure that their message is relevant and timely, thereby increasing their offer activation and redemption rates.”
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.